SDIRA with My Father's Retirement Account

[Chuck VanDyne]

Hey Everyone,

Situation: I am 25 year-old living in Rochester, NY with a Bachelors in Finance. Licensed RE Agent (although I do not do many deals) Work full-time (25k salary). One of my father's retirement account from Kodak (Savings and Investment Plan) consists of $20k. He has very little financial knowledge and wants me to take the money and invest it for him and naturally i have chosen real estate. Keep in my mind I have never invested in real estate, only research for 3 years. 

My Plan:

1. Open a Self-Directed IRA

2. Establish an LLC

3. Transfer the 20k from my fathers retirement to his Checkbook SDIRA

4. Use the money to invest in fix n flips or buy and hold properties. 

Questions: 

1. I'm assuming the LLC, SDIRA, and Bank account have to be in his name. How do I get access to the funds without breaking IRS rules.

2. With the Checkbook IRA, how does this affect my ability to receive loans from credit union or banks.

3. Can I partner up with someone and split costs to buy and rehab? If so, how does this affect my tax situation when I sell the property for a profit since my partner is paying tax and I am not?

4. I've read about a SOLO 401k however, i am pretty sure we would not qualify. I do not actively work any deals as a RE agent and we both have full-time jobs.

5. Managing the property? I can't manage the property because I am a disqualified person (his son), correct?

*Most of my research has been done on BP, Dimitri's site Sensefinancial, and also a bit of Kaaren's UdirectIRA.com. 

*Bottom line is...What is the best route for me to take? I want to take my dads retirement fund of 20k and invest in real estate. 

Thanks in advance for feedback