Will you please post any self directed IRA custodian recommendations?
How long does the process take to roll over funds into this account?
I know I can't live in or benefit directly from the fund or invest in family member's deals but can I invest in my friend's joint venture apartment deals? I think this is OK as long as funds go in and out of my custodian account. Any other pitfalls?
You can open an account on line for approx$50. Rolling over your money takes about 2 weeks and is dependent on what company holds it and if it is in cash or assets that have to be liquidated.
You can invest in joint ventures with any non disqualified persons. I think self direction is worth the savings. Ira, 401k, ESA, HSAs, etc. it’s not that hard and your administrator/custodian should be able to help.
There are many options available when choosing how to self-direct: IRA-based vs. 401k-based, Checkbook-Control vs. Custodian-Control, Custodian vs. Administrator, and so on.
Prior to making any decisions, it's best to first assess all the options. We commonly encounter folks investing in RE with an IRA who would have been better-served by a 401k. (Not everyone qualifies for the 401k)
There's much misconception regarding the role of custodians and administrators, as well as the extent to which they should be relied on for advisory services.
There are many excellent companies, but as the number of custodians/administrators has swelled it has become increasingly difficult to navigate the space. More options promotes competition and is great for consumers, but it's also more to sort through.
Typically, the folks with whom you'll be opening your new account will get things processed really quickly. The folks that will be releasing your funds may drag their feet - so the overall time-line is a bit unpredictable.
I recommend you contact @Bernard Reisz , who works with many custodians to implement Checkbook Control SDIRA accounts and is an expert in SDIRA/401k compliance. His firm stands out by providing a complete self-directed retirement solution, covering every aspect of set-up and ongoing compliance. You should take advantage of his free consultations to see if an SDIRA/401k can help you meet your objectives.
IRA Services Trust Company may be a good option. They have been in business since the 70s and have fair fees.