Main criteria is you need an llc, typically 80 - 90% loan for purchase, 100 rehab, and ARV needs to be below 75% ltv. 

You usually need property in an LLC, has to be non owner occupied,  fees and closing costs vary by lender. 

All of the local banks I have talked to need other personal guarantors if I don’t own 81% of the membership interest in the LLC which owns the property.

I'm transferring the deed of my out-of-state rental property from my personal name into my newly created LLC in same state as property. 

We have a checkbook controlled SDIRA LLC with membership as follows:25% My Roth IRA25% My wife's Roth IRA50% My cousin's wife Marilyn's traditional IRAIn 2019 Marilyn has to start taking required minimum distributions from her IRA, and all of her IRA funds are invested in our LLC. 

However since an LLC is required to be represented by a lawyer can an LLC create its own deeds?

I didn't want to depend on the stock market so I set up a self directed IRA LLC and bought 6 more rental properties here in New Braunfels Texas.

I am 50% owner of an LLC. 

You'd want to talk to an attorney, you'd probably be setting up an LLC, do not buy with a friend without getting what you agree to in writing. 

My input would be get the legal stuff setup (LLC, Corp, some entity,), Insurance, etc.