@Connor WilliamsThis is not a DIY project Medicaid regs will vary state by state and every case is not the same. 

If the property is being sold for 400k (and I can afford the 20% down) but another 800k min needed for a complete renovation (my personal rough estimate), can I take out a traditional business loan to cover the rest, if I were to purchase in my LLC?

Contractors are usually hard to find especially if the investor doesn't have a steady flow of projects for them to work on, this should be a great help for them. 

I have made some upgrades since living here, fully renovated the bathroom and laundry room, upgraded appliances, added a tankless hot water heater, and replaced all galv. pipe with pex.

I hope the growth will slow down, and indeed, I've noticed a reduction in the launch of new projects.

If you buy a property that needs work, you have a chance to use the BRRRR strategy where you are able to refinance some or all of your capital back out of the property when you are done the renovation.

Renovated entire home and a lot of landscaping.

How can I get financing to repair and renovate it so that I can live there?

I'm a new investor and currently have 2 rentals (1 vacant and only recently renovated).

While it seems like a quick way to fund projects, I do not understand how the loans can be paid off unless you are strictly flipping the house.