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If so are there time off hours?

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Yukwe You can only ask Who ever works under You to do what You would do Yourself. If You expect a Live in Full time Care giver to work 24/7 You will not have Her for Long, as She's going to suffer from exhaustion, and burn out.
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Do it with a written contract and it will be legal. Domestic workers in some states are exempt from minimum wage laws. This is why you need a lawyer.
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yukwe62, don't forget, if you hire someone to work in your home as an employee, your home would need "workman's comp" rider on your homeowners insurance. Unless you hire from a licensed Agency, they may pay their own workman's comp.
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I suppose it might depend partly on whether those 24/7 were spent actually working or just "on call." But in any case you'd still need to plan back up, because nobody can even be on call 24/365. Unless they're family, obviously.
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Just out of curiosity, how would you expect a full time live-in caregiver to work for 24/7 duty w/o any time off? When would he/she sleep?

No one can realistically even work 24/7, unless they're special forces or similar commandos who are highly trained, and I doubt if they'd be doing caregiving when there are other professions that need these very skilled military or ex-military personnel and could compensate them well for their skills.
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if you are in the US, you really need to consult FLSA and also make sure that you are in compliance with state specific laws.

As a rule, though, you must pay overtime for any hours over 8 in a day or over 40 in a 7 day calendar week.

There are exemptions for salaried personnel but a caregiver would not fit that definition so I would say "no"

You can hire a live in caregiver but you have to compensate them hourly and pay overtime and you can't expect them to work 24/7.
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