Question for John Hyre about Self-Directed IRA - Posted by chill

Real Estate Investing Real Estate Financing
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Posted by JHyre in Ohio on March 08, 2002 at 05:43:05:

Ask the guys at Mid-Ohio…this is what they DO. Self-dealing rules for IRA’s are not my strong point.

John Hyre

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Question for John Hyre about Self-Directed IRA - Posted by chill

Posted by chill on March 07, 2002 at 15:29:15:

I am about to transfer a Roth IRA to Mid-Ohio so it can be self-directed. My husband will do the same. My question is if the two IRA’s and can be partners in an LLC – the LLC will buy mobile homes to resell with notes. Can I personally be a managing member (say 4% owner) of the LLC and do the managing of day-to-day operations. That way each IRA owns 48% and I personally own 4%. Is that legal and qualified according to what the IRS allows with self-directed plans?

Thank you.