Purchasing Property Through 401k

[Austin M Habich]

I've been listening to podcasts, reading blogs and books and trying to do more research. I thought I'd try here to see if anyone has had experience buying property with a 401k/self directed IRA. I have an investment account from a previous employer that I want to leverage to buy a property. I'm curious about the following:

1) If you have purchased a property, what are the pros/cons of doing so through your IRA?

2) Do you manage the property yourself or use a management company? 

3) Have you witnessed any tax implications because you've purchased the property with an IRA?

4) Any tips or tricks you can pass along with this method? 

There are several reasons I wanted to use my IRA. One, I have enough money to cover a downpayment + reserves for future expenses for the property. Two, I cannot use the funds in the IRA until I'm older and I'm not contributing to that account anymore, I figured through the income from the property my funds/future buying capabilities would increase. And three, to me, it seems like an easy avenue to begin investing.

Any and all information is appreciated! Thanks in advance.