Self Directed IRA Attorney / Advice

[Jim Goebel]

Hi everyone.  Thanks in advance for any help/advice.

I'm posting to crowd source this.  I emailed our usual attorney for closings, to ask about this.  She said it isn't in her wheelhouse and passed on helping.  Here's the skinny:

We have a house purchased for $15k in my self directed IRA. Custodian is out of Austin TX area.

Another asset is owned in this same self directed IRA and clears about $1000/mo in cash flow.

Total funds to work with now in that account are in the $20-25k which is CLOSE but I'm not certain is enough to finish this project. It's in Des Moines IA. I'm evaluating either partnering, finishing the project with funds present in my self directed IRA, or taking a distribution on the asset and moving it out of the IRA world. I'd like to partner with my wife as she left work and has $70-75k that's in cash and ready to deploy as self Directed IRA funds, too.

For folks that have done this, are there attorneys that specialize in this? Is there any way to do this now with the asset already purchased (I'm reading no after some googling). If there are attorneys that help with this, what does this look like: an LLC with an operating agreement, that then purchases the asset?

Is this a specialized area of legal practice?  What do fees typically look like for this?  Can we get something set up that can work for future purchases or are there going to be fees/setup for each transaction?

If there are any folks here on the BP forums that specialize in this arena, please let me know.