I also am assuming and will verify that the life estate is released upon expiration.

Because networking is important and communication is important in any business venture, I would like to extend a virtual handshake and say, "Hello."

Talk to your lender to see if you can do a repair escrow, where money is withheld from the owner at closing, and released to you after the improvements are done and inspected. 

My client is looking to purchase a home, some of the house is already updated, but they are pretty much looking to extend/remodel kitchen, add additional rooms.

In essence, you close at full price but the lender doesn't release the $29k for the roof, to the seller until the roof is completed.  

For example: if i buy a unit today and next week i find another one and the following week i find yet another one, would the lender give me 3 separate loans or are there lenders out there that would extend something similar to a personal line of credit?

If you are planning on selling any of the properties have the lender include a release clause in the loan docs.

Does it get held, and then released following a passing inspection?

Could be dogs too.Normally my solution would be to put up a fence all the way around the back, but this is a lake so this will block the view.My backyard extends to a seawall, then from the seawall slopes a few feet down to a platform where a kayak, paddle boat etc... can be launched. 

It may, or may not, extend your final loan approval (assuming you were approved subject only to the inspection/appraisal) depending on the language in your contract.