Rarely do they know you can use the VA loan more than once. 

Never (or rarely) happens.

Do you know if most mortgages are assumable or if this is a rare occurrence?

The times I'd been over there to address repair requests (very rare throughout the years; it's understandable now) bedroom doors were closed and "friends were visiting" that day.Instead of evicting for breach of lease I decided to raise the rent by $375; they paid but sent a letter of termination with the appropriate timeline (30 days notice).The letter of termination included a statement that they fully expected to receive all of their security deposit back as they were leaving the house is "excellent" shape. 

I've seem combination game/bunk rooms that are pretty cool and kids love them 

I've seen it happen, but pretty rare and so rare you shouldn't waste time and effort on those homes.#4. 

Most lenders require that a combination of the guaranty entitlement and any cash down payment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less.

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I have seen some small units at $500k, but they are rare in decent areas and non existent in the desirable areas.  

So the investor steps in and takes over responsibility for the house.If the seller has a lot of equity that they don't want to walk from you can also combine a sub2 with seller financing.