Using a private investor IRA to flip a house

[Alexander Felice]

Hey friends!

My partner and I want to flip a house and we have someone who wants to fund us, but they want to explore the option of using an IRA to do so. From what I understand this is possible if it's set up as a self-directed IRA?

Can someone explain to me in a little more detail how I facilitate this process? Is this a scenario where my business can use the money at will and just pay her back (plus interest) at the end? As I read more it seems that isn't as simple as I would like. 

Thanks in advance!