@Risa HindI think you will find it challenging to craft a self-directed IRA investment strategy that will be both cost-effective and productive.Your two IRAs are separate, though they can in some circumstances be pooled into an investment together.An IRA may leverage, but most of the banks that do non-recourse loans want 34-40% down, 10-15% in reserves and want to lend at least $50K for it to be worth their while.  

Occupancy, Preservation, Maintenance and Protection of the Property:Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control.

looking for houses that were neglected enough to "stick out". 

There should be some sort of clause regarding damage to units or neglect that causes damage.

Don't neglect it!

The owner is typically begging to get out, the buildings are so tired and neglected that the minute you start sprucing it up, the entire world notices. 

@Tyler Bundy After doing quite a bit of research I definitely have to agree with you Tyler, House hacking a 2-4 unit multifamily sounds like a great start for me and my circumstances.

Due to various personal circumstances, a condo will likely be our best option for now.

Our current circumstances/goals are key here... my partner is my boyfriend, we're in our mid-twenties, we don't have children and we look to invest in the same area that we currently live in.  

It's one thing to take on a neglected home, where you can at least roughly know what you're getting into.