The house isn't in a flood zone.

I don't think listing with an agent will work since I am not looking to sell to the general public, I do get these yellow post cards and letters from "CASH FOR YOUR HOUSE NOW" but I believe those are not investors buyers but more bird-dogs looking to get it on a contract to reassign at closing. 

However, I don't have enough money for the land, and getting financing for land is much harder than for a house.I have an inside connection to the owner, who is open to selling a 1-bedroom wood frame house on the lot next to the land for $60,000.

I am owner of my primary house, have excellent credentials, but I am unsatisfied with my passive income and potential to become owner in 20 years of a self financing house elsewhere. 

My question is, if we buy the home using a conventional personal loan while we househack, what would the costs and process look like of transferring the house and the loan over to an LLC?

One way to handle this is to stay in the house while it is vacant, or pay a friend to house sit until you find a tenant.

Both houses are new construction that was completed a couple of weeks ago.

I feel this house is 240-250k ARV with about 40-60k repair.

This leaves the two oldest to help manage his expenses).

Wife and I are supposed to be closing on a house 6/4 here in Frisco TX.