It seems that 1% would be very reasonable for properties that are nearly turnkey, but the only ones I come up with are in need of major rehab/restoration which makes me question the true end-state - my estimating skills are far too neophyte to tackle a major rehab that close to the margin.  

That way I restore my line of credit to use again and I can hold the equity in my property until I need it

He's fairly motivated to sell.However, this just came up in negotiations, the owner informed me that some pipes burst last winter and caused some water damage to the house, I haven't seen pictures or heard what the extent was but my partner assures me it won't be a problem and he and I both have plumbing/restoration experience, although he has far more than me.

This has potentially more profit but more risk than (2).  2) Remove illegal addition and restore the original 1300sq ft, return downstairs to original basement and possibly add a garage in the back. 3) Turn it into a multi-unit, and either rent or sell - selling units individually would seem to make most sense (as opposed to renting) but this is higher risk for me as I have not had that kind of experience before.  

I have the choice of restoring the original roof, or going with a new asphalt roof. 

I am very well versed in insurance policies for residential, commercial, industrial and multifamily policies and restoration.

I need a way to restore my benefits by somehow removing the VA Loan on the property.

Habitat for Humanity Re-store?  

I also handle credit restoration.

It is like a exotic antique car auction, if you buy an old car at 40k, restored it and spent 40k, your minimum bid it out / sell it should be around 100k for your time and profit too.