We had an old 1800's stage theatre restored on a busy Main St in a local town nearby.

This is the current quote from one of the few contractors that got back to us.My Concerns:- not agreeing to fixed end date- limited itemized breakdown for each item  QuoteExterior: $9000 (not including exterior paint and tree work)• Power wash exterior (plumbing repairs needed to accommodate)• Scrape original paint as much as possible• Paint exterior• Remove satellite dish from front• Remove front awning above two windows • Repair casement around basement windows• Replace siding as needed• Install rear staircase (permit required)• Replace corner post with 6x6• Install 12x15 rear deck at gradeFront Porch: $1500 (not including work on exterior windows)• Rebuild front door to clear hump in floor with automated sweep• Clean floor and repaint• Prep and repaint room• Inspect and seal interior window as needed1st Floor: $5200 + $2.50 per sqft of flooring installed (price of flooring and electrical not included)• Need to take a second look in house if possible I would like to match original flooring in kitchen, which would most likely lower the flooring cost)• Replace front door (32” left hand inswing try to match décor) Jeld-wen 6 lite prehung $398 would need to be painted to look appropriate• Clean walls repair, paint and caulk window frames (color Simply white recommended in scuff defense)• Level and prepare floor for vinyl including removing all trim, repairing and replacing as damage occurs, install nosing and transitions• Install vinyl floating floor throughout first floor (customer to select flooring for pricing) (sqft unknown install rate is $2.50 Per sqft)• Electrical plan to be determinedKitchen: $3800 (not including cabinets, refrigerator, sink, faucet, stove)• Repair damaged floor joist and subfloor• Install kitchen sink• Repair walls trim and paint• Refrigerator location is unknown at this time1st floor bathroom: $1800 (customer to supply vanity and faucet)• Remove toilet and flooring (if subfloor repair is need current price does not reflect cost)• Repair walls and paint• Install vanity (work with customer in choosing appropriate vanity)Laundry Room: $1300• Install matching rear door 32” RT inswing• Install dryer exhaust• Repair walls, trim and paint• (walls will likely need to be opened for electrical work)2nd Floor: $2200 Not including Floor refinishing• General clean-up of walls and trim• Paint• Seal windows as needed• Floors refinished2nd Floor bath: $5050 (does not include vanity, tile, mix valve, tub)• Gut shower• Replace toilet• Install vanity• Tile shower• Tile bathroom floor• Repair walls• Trim• PaintStaircase: $800• Remove remainder of carpet tack strips• General restoration repairBasement / utilities: $350 (electrical, plumbing, and heating is separate quote)• General clean up• Clear all debris from premise Total quoted cost: $34,500 + $2.50 per sq ft flooring installed.

@Kahleb KelseyI assume your friend wants to restore his VA entitlement by having you assume the loan?  

Do you have subcontracters lined up to do your Fixes- Plumber, Electrician, Handyman carpentry, Cleaners, Restoration company, Can you dedicate a person to at least once a week to inspect the property?

Prebuilt agreements with plumbers, electricians, HVAC, roofers, siders, bigger restoration contractors on a referral fee basis for bigger ticket items. 

From my understanding, the landlord is required to foot the bill for some accommodations and are allowed to require the tenant to pay for structural modifications as well as require the tenant pay to have the property restored to original condition at the tenants expense.How would the guarantor being a company affect this?

I rent out a unit or two as they are ready, still with plans to move into the final unit once completed.Step Four:  Once the property is restored, I take out a HELOC/equity loan to pay the seller the remaining due (likely ~$100,000).Step Five: Property is renting, seller is paid, and rental income pays back the HELOC/equity loan + cash flow.This seems to be a twist on BRRRR that includes seller-financing to get started and a HELOC/equity loan used to pay the seller (balloon payment) instead of a mortgage.Am I missing anything? 

@Josh EdelmanStraight from the VA Guidelines: Any purchaser may qualify to assume a VA loan; [THIS LINE APPLIES TO YOU] however, for a Veteran’s entitlement to be restored, a Veteran purchaser with sufficient entitlement must complete a Substitution of Entitlement (SOE) when the ROL is closed.

Restore the main house, convert the garage to ADU and build one more house (you can have 2 ADUs in Covina) 800 sf.

Both spaces were acquired inexpensively at the time of purchase as shells, which I've restored and renovated myself into two pretty decent income producers.One property is a 7,000sq/ft commercial space with a national brand tenant on a 5yr NNN lease netting 8k/mo.The other property is setup as 3 luxury vacation rental units, which nets on average 20-25k/mo