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Actually the IRS does not tell us what we can invest in, only what is disallowed (life insurance contracts and collectibles).Allowable investments for SDIRA investing include the following:Residential real estate, including: apartments, single family homes, and duplexesCommercial real estate Undeveloped or raw landREITs (Real Estate Investment Trusts)Real estate notes (mortgages and deeds of trusts)Promissory notes Private limited partnerships, limited liability companies, and C corporationsTax lien certificatesOil and gas investmentsPrivate stock offerings, private placementsJudgments/structured settlementsGold bullion Factoring investments

The problem (as you have cited) is trying to understand what you need (you don't know what you don't know), where to get it, qualifying its source(s), and the validity and usefulness of all that.Pardon me if I've gone into this too much, but I meet many people with the same concerns that you are voicing and this is offered, as much as possible in direct response to your post.Please feel free to contact me if you have any comments or questions. 

+I've researched something called an FHA Construction loan in terms of financing this project, but it seems that most large banks don't offer that product.

It's affordable and offers strong cash flow potential.

What is advantageous is someone that is good at underwriting and unbiased (only analyzes the deal based on the underwriting without other emotions).Note i have a fair amount of experience and plan to place a competitive offer tomorrow that the underwriting dictates not placing a competitive offer.  

Hi Marc, I think everybody offered some great feedback. 

I'll offer some free help and advice for anyone that wants to reach out.

I offered a price based on repair costs and a sale price they could get if they fixed it up (retail). 

Some insurance companies offer policies specifically designed for owner-occupied multifamily properties, so it’s worth asking about that option.The key is ensuring both your personal residence and the rental unit are adequately covered.