So if renting breaks even or doesn't cash flow after ALL expenses after a rehab then I am nervous and might shy away because if I can't sell and can't rent, then sh*t I would feel stuck in mud.... 

In short, you get an extra long lecture on commitment and on how they work in creative real estate vs traditional real estate investing, how it is NOT open enrollment (they supposedly only allow one person per area unless it is a very large area), you get a couple questionnaires, and they review your responses and get back to you whether you are good to move forward or not. 

Most traditional mortgage financing today ultimately comes from Fannie Mae and Freddie Mac, so lenders underwrite to those guidelines.

To clear up the distinction, everything everyone said has been right in their own respective context's however a property going from LLC can go to personal names or intervivos living trusts with conventional financing but yes it cannot go from LLC to LLC using conventional financing and this distinction is where portfolio or commercial financing is needed.As for the up to 6 financed properties for cash out yes freddie mac can do this while fannie is limited up to 4 unless if its delayed financing which has a limit of 6 for freddie and up to 10 for fannie with varying LTV's depending on whether your doing delayed financing or if you're doing a regular purchase/rate and term refinance and depending on how many units you're financing.2-4 units typically have LTV's that are lower by 5% as compared to 1 unit properties on the purchase and rate term refinance with properties 5-10 with fannie, however the other distinction is that with freddie properties 1-6 and even 5-6 dont have that "lower," LTV reduction as with fannie so this can be seen as a niche.to do a traditional cash out with out LTV or value restrictions the property will have to be owned for 6 months.

Or would there have to be a transfer from the TSP account to a traditional IRA then into a SDIRA?

He will want to make sure that piece is accounted for appropriately on his end before you jump in with a proposal to acquire these properties over time when you're not just buying them traditionally.

This is the "traditional way".Keep getting educated and network in your local REI.

Is that alot of 'mud' on that sill plate???

Also, taping and mudding requires skill and experience, so even your estimate for replacing the ceiling, taping, mudding, insulation, exhaust fan multiplied by 2 rooms is underestimated.

@Monte Mabry If you are buying a property using traditional lender, then yes.