URGENT: Self-direct IRA to loan money to LLC where I am sole MM
URGENT QUESTION. House under contract, two weeks to commit.
Can I set up a self-directed IRA to loan money to an LLC in which I am the sole managing member? The LLC Purchases homes, renovates them, then resells them. I play an active role in managing the projects and act as the buyers agent on the front end and listing agent on the back end. I simply want to borrow the money by Note for the loan amount plus a nominal interest rate to be paid when the note is called. If this is a non- prohibited arrangement and thus allowed, how long does it take to set up the self-direct fund and do I use an attorney, my investment company Merrill Lynch or some other professional?