Yes, real estate property can be purchased using a self-directed IRA only. 

My mother and brother went together and jointly bought a property using a SDIRA LLC each. 

The person listing it might just be using a basic definition of something like "less than 1 year old". b) Whether a licensed and insured contractor was used doesn't change inspection requirements.

My question is, if we buy the home using a conventional personal loan while we househack, what would the costs and process look like of transferring the house and the loan over to an LLC?

While I've typically focused on single-family homes, my journey into real estate began with buying my first house using a VA loan and house hacking it, then acquiring additional properties from there.

Are you using a GC? 

Keep in mind that using a generic lease or out-of-date lease is a recipe for disaster.

ChungI would like to speak with you concerning your current setup and what the advantages of self managing compared to using a property manager.

I also recommend using as many regular, vanilla mortgages as possible before going over to DSCR mortgages.  

Just my 2 centsTo answer the question if it’s a tear down you need to understand the comps In That area and the cost to remove the existing and rebuild - where many go wrong with rebuilds is they assume best case construction and holding times and time is money especially if using a construction loan.