I'm guessing though that since the IRA owner isn't allowed to take out a salary, perhaps the SDIRA LLC will be required to hire employees? 

STR's are currently not allowed unless you occupy the property.

it was an interesting process but basically, the novation allowed us to get the deal done without having to involve the banks. this was a huge motivation. that way I save on having to close twice. 

I prefer to source all my deals off-market, which allows me to find properties with less competition and negotiate directly with motivated sellers.

100% VA loan, which allowed me to put money saved towards renovations.How did you add value to the deal?

@Summer Shelton yes, FHA loans do allow this but make sure you speak with your lender about some of the trip ups from these loans.  

It will allow you to roll existing retirement funds into the 401k (save Roth IRA) and self direct those funds.  

Also, they allowed me to put in way more money than I should have, being a nonaccredited investor. 

Other banks allowed us to do our own in house valuations.

It also allows the manager to work directly with the insurance company to resolve issues efficiently.In Texas, this is part of the standard Texas Board of Realtors Property Management Agreement and is considered an industry best practice.