But the idea is the same since your husband's 401k can be rolled over into a IRA as well... 

Anthony,You cannot roll a Vacation Home into an LLC using a traditional loan.

If he has a property that doesn't cashflow for a few years, it's nothing to him.Don't bet the farm if all you have is a farm.  ...but, if you have a thousand farms, maybe it's ok to roll some dice on a couple of farms occasionally...As with all things, it's all relative and contextual--which is why a hard and fast rule that makes sense for one investor might make zero sense for another investor.

Would it be smart to take over the property,do all the minor repairs myself to make it liveable for a tenant and get the ball rolling on rent and save up capex to do bigger repairs later? 

could you take the 40k extra after paying back the private money lender and roll that into another deal thus needing to borrow less private money next time? 

Please feel free to reach out to me if you'd like more info on the rent roll for any of the properties that I manage in Massanutten.

I learned so much valuable information and I am ready to get the ball rolling for my first house-hack. 

@Dave Foster That's definitely something I was thinking about, and even potentially rolling it into a duplex for some house hacking potential.

Unfortunately, you can't roll a current employer's 401K into a SDIRA.

And as i told them, high-5 to rolling those dice, kicking the can of expenses, reaping those added FALSE profits and now dumping a maintenance time-bomb on whomever.