IRA Partnering Land Trust

[Michael Sholtis]

I am in the process of partnering to buy a investment property with another party in WV. I have 1/2 of the funds in my IRA, he as the other half not in an IRA. I familiar with setting up trusts but have never used my IRA to invest in real estate before. I guess what I am having a hard time with there being many costs that need to be split at the start of this venture, after we get through this we can virtually split the building's rental spaces and income down the center. Is anyone familiar with how to manage their IRA with partnering on bigger projects like this? For example dealing with an escrow deposit ($2500), the inspection ($1500), the pending repairs, as well as taking rent and least payments... Inspection and Deposit are products of due diligence not quite to setting up the trust etc yet...

I guess I am trying to get a feel for how anyone else manages their IRA accounts in this situation. How to you rectify and manage the expenses? Do you hold the funds and make a deposit yearly once everything has been accounted for? (if that is even allowed?) Bank accounts?Anyway thanks in advance for any tips or insight anyone can offer.