Self Directed IRA's? Any advice

[Bennett Schwartz]

Hi BP,

I have an investor who is willing to take money out of his IRA to invest in a multifamily building. I know there are a lot of rules about doing it, anyone have experience with this? Can I partner with him on it? Do we have to purchase the whole thing for cash or can we get a loan? How much extra would we have to pay in soft costs if any?

Any advise would be helpful.

Thanks in advance