IRA LLC formation steps

[William Allen]

For those of you who use the IRA LLC (checkbook IRA) for REI can you please help me with the steps for formation. I am considering using this strategy and I want to make sure I am executing the steps in the right order. For example, do I need to form the LLC prior to transferring the funds to the third party custodian or vice versa?

Here is what I think the steps are:

1. Open an account with a self directed IRA company who allows the IRA LLC (I plan to use UDirect)

2. Transfer current IRA funds into that account, like kind transfer from Vanguard

3. Create IRA LLC (wonder if this can be done first or simultaneously?)

4. EIN for IRA LLC

5. Open IRA LLC bank account

6. Third Party Custodian transfers funds to account.

7. Write a check and buy a house

What am I missing?

I have researched the rules and regulations regarding this account and am just looking or the steps in the process.  Thanks!