Using IRA (self-directed) as a line of credit?

[Ryan M.]

I have a reasonable sized IRA that I am thinking of using to initially purchase properties, then refinance them with traditional financing and return the funds to the IRA to repeat the process...

1. Can this be done?  

2. What do I need to look out for in doing this?

3.  What else am I missing or may not have fully thought through?

Thanks.

[Ryan M.]

Thanks @Loren Whitney & @Dmitriy Fomichenko