Using family members IRA for RE. What might this look like?

[Brandon Heath]

Hello BP,

I am doing some reading on Self Directed IRA's and using them for real estate investments. I don't have anything lined up or anything. Just looking to get a better understanding of how it could be used during creative financing.

So I've heard of people putting deals together with family and friends. Using retirement money that is sitting doing nothing. I wondering how this works when i believe you are unable to touch any money gained from the rental property? Is this true? Does this mean that if I partnered with say my Dad, and he is using an IRA to fund his side of the deal. Can I not collect cash from the rents because its considered profit?

What would be great is an example anyone could provide.