She has 11 different properties in a prime area of a college town that are all in need of repair.

Live in it for a year to meet the primary residence rule, make the cosmetic repairs to force equity, then look into refinancing out of your VA loan into a conventional loan, so you can use your VA loan again. 

During that time I’d also have the line of credit to pull on for repairs/vacancy/maintenance, and I’d have that line already established for my next investment.The second option is to put traditional mortgages on them in 6 months once the sale seasons.

All in all it seems to me that getting the additional bedroom and bathroom to be legal should cost under $1,000 for permitting and inspection and potential drywall repair. 

A FHA 203k loan does cover purchase/repairs for a home you’re going to occupy.

I had to go through mold remediation and do several repairs before I could move into the property.

I do also have a bit more repairs and is another reason I don't want more properties cause I'm still fixing this one and I'm doing all work myself to keep the expense low

Best recommendations for QUALITY of work, ability to work within the bid amount, ability to follow a schedule, honesty and character are the basis of any contract.  

I'm planning to turn at least one of the 1/1's into a vacation rental which should earn at least 1200/mo (very conservative estimate, probably higher).Purchase price: 295,000Down payment: 25%, $73,750Loan term: 30 yearsInterest rate: 5.375%P&I: $1238.94/moClosing costs: $2800Gross scheduled income: currently $2650/mo, I'm planning on $3000/mo minimum with STR, so $36,000/yearLess Vacancy/Repairs: 10% = $3600*Gross Operating Income: $32,400Less taxes ($4700 (high estimate)), Insurance ($900), and Water/Sewer ($1800):  $7400Net Operating Income: $25,000Less Debt Service: $14,867Before Tax Cash Flow: $10,133CAP rate: 8.47%COC: 13.24%*yes, I know that's low for Vacancy/Repairs/CapEx, thats because we do our own work and management.  

@Bhuja Parikh Lots of stuff south of 290 priced below $175k, but that doesn't leave a lot of room for repairs.