newbie self directed question

[Ryan Watson]

I recently found out about being able to open up a self directed IRA for investing in real estate. What i am eager to know are the stipulations? Can it be my primary residence or do I have to do something else with it, like rent it out for cashflow?

Im not under pressure to use funds from my 401k, which has between 10 and 20k in it. Its doing well on interest and by rule of 72 it should double in 4 years. What do you all think?