I live in Park City, UT now, but the weather has been horrible, so we've had very little snow (up until this week, hooray!)

Do you just figure a flat figure that covers a traditional renovation (i.e. new floors, paint, appliances, cabinets, counters, baths etc.)? 

LOL... who is going to do that.if its the US  that's what the bankruptcy laws are for.Jay, depends on who the lenders are ;-)Agree that posting here was not the best move, but it is out of desperation and the chances of "traditional lenders" seeings this is slim.It's the wild wild west so it's hard to predict how this might end.

The program makes it easier for Native Americans to purchase a home if they are looking to buy in rural areas, on a Reservation, have an "okay" credit score, or don't have traditional W-2 income.

If you mean traditional financing, you're going to want that credit score, plus reserves, plus income.

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.