Once that is done, a full qualified appraisal has to be carried out for the LLC owned by the SDIRA, which will entail both the appraisal of the assets (i.e. the real estate) in the LLC and then the LLC itself.

if yes what does it entail?

I am looking to get a multi-family unit that I could live out of and collect rent from so that I can truly start learning the ropes and what having a property with tenants truly entails.

It can sometimes entail a bit of extra paperwork, but it's often very doable.

If my homes were so dirty on the outside that it entailed power washing, I'd paint it. 

A bid/scope of work that line items what the project entails is also needed.

My last concern that I will most likely have to talk to bank(s) about would be first time financing under a new LLC and all that, that entails.

Not sure what this would entail, but assume you would need to make the lots buildable to be able to add any value here.  

I've heard of this, but what does it entail?

I’ve heard of that being done, but I don’t know what it entails.