Also, curious if you know, are there any stipulations or limitations with getting an RE license for larger MFU deals?

@Jan Ferry-AxmanSelf-management of IRA owned properties (LLC or otherwise) is generally viewed to be acceptable in a limited fashion. 

(Some will limit to 75% for investment properties)With this in mind, you have a few options:1) purchase with a mortgage, put in the extra 20% down payment plus rehab costs, then refinance in 6-12 months.

(F) "Foreign real estate dealer" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration, does or deals in any act or transaction specified or comprehended in division (A) of this section with respect to foreign real estate.

Would this raise our Debt to income ratio and limit us to only commercial property?

(My wife also isn't a huge fan of having a renter living with us, but we would need it to save).I kind of only get one option at the moment due to limited financing so I'm not sure where to go next. 

If you work 40 hours a week it is tough to claim 41 hours a week on real estate.And yes you are limited to $25,000 passive loss limitation, new tax laws only make this worse or better depending on if you can use all the depreciation, as you can write off more even faster.

I’m very limited in capital and options, but that is only due to my ignorance.

First most contracts, but not all, would limit you to only the loss of your deposit.

Thanks again for your reply and if you have any further info to share I'd love to read it. use this analogy   people break the speed limit every day..