Buying Property With SD IRA
I'm sure this has been asked before, but I could only find limited info looking through past posts. I am new, so please understand.
I'm 42 years old and currently have $100,000 in in my 457b and 401a. I will be leaving my current employer soon and need to decide what I will do with this money. I am considering a SD IRA with the hopes of buying a piece of property. My good friend lives in Northern California (I am in San Diego) and his neighbor is looking to sell some raw, untouched acreage at a great price. My intention is to leave the property as it sits until I retire and build a home. These are my concerns:
1. Can I visit the property? I know there are stringent rules in regards to using the property, but would visiting twice a year for a few days violate this restriction? I would not do any improvements nor modifications, only check things out and visit with my friend/neighbor.
2. Can I rent the property? Should someone want to use the property to park their RV and camp for a few days or a few months, would this be a violation if I reported and contributed 100% of the rental income back to the SD IRA?
3. What is the cost of setting up and maintaining a SD IRA? It seems to me my idea is pretty straight forward and wouldn't require much. I will only buy the land, report any income and that is about all until I am ready to build in 15 years.
Thanks for any input.