To me, I’d rather have the job done correctly the use a cheap contractor that does half a job, then run around trying to find another to fix the mess.

It is an all evening affair with an open bar and some free food but it runs out quick.

Brand new addition running length of house  with brand new fireplace .

Lack of good paying jobs don’t allow for much home ownership and most rentals are so run down they practically need gutted, and most renters can only afford Section 8.

What I mean by this is that you need to run your own numbers.

But everyone is different, just run numbers, trust them, and go for it.  

No, you probably aren't going to be cashflowing out the wazoo to begin with, but with the rent growth and appreciation you'll likely make far more in the long run than buying in a place where the cashflow is high but the property sells for exactly what you bought it for 5-10 years from now.For house hacking, it still may be plausible, but you should adjust your goal from making money to saving money.

We're planning on hiring a professional property management company to run the daily operations of the investment property as well as implement all capital improvement.The question is, can my self directed IRA invest in an LLC that I'm the managing partner?  

Also, I haven't run financials yet but it would likely be higher than this

That is, it can probably do what you are wanting to do, but if in the future you run into financial problems, you lose both properties.