My question: Is there anyone you would recommend (preferably in the boroughs) that can help advise me on how to structure this deal that's fair to all parties and compensates me for the risk I'm taking? 

Professionals should be compensated for their time, and you should hire a professional to walk any property you're considering spending thousands of dollars investing in.

Quote from @Mackenzie Lopez: This is a review based on my experience as well as court documents and speaking to other victims who had sound proof.

However, if you end up in front of a judge, the judge will not compensate you for your time and you may even get in trouble if it looks like you are trying to take advantage of the tenant. 

The owner of that property in question cannot restore his full VA entitlement until such time as the VA loan is paid off in full.Further, even if you gave him the 3.5% down on FHA, his DTI will still be hit with the payment on that VA loan, almost certainly killing his next home purchase before it even gets going.And if he gives up on homeownership, all the future potential landlords are going to see that mortgage on his credit, and likely consider him unqualified for the rental unit.Unless someone is going to write a check to pay that VA loan off in full, this is a predatory activity and the victim is the owner of the home in question, given his goals and the proposal on the table.Do the right thing.

If they hear the word investment or rental, they will be pushing for things to be an investment loan to compensate.

In some instances lenders may allow exceptions a bit above that with compensating factors. 

And for other reasons that makes it clear that we are the next intended victims of this group.

They should not expect to get future compensation.  

We create our destiny based on our actions and are not victims!"