Looking for advice on setting up an SDIRA

[Eric Tomlin]

Good afternoon BP friends,

I'm looking at setting up an SDIRA for the specific purpose of buying a single property - an undeveloped lot - and I'm trying to determine if it makes any sense to use an LLC and/or have "checkbook" control for this particular SDIRA.

My initial thought is that since this SDIRA would be to buy a single piece of undeveloped land and then hold that property as an investment for the next several years, that the additional complexity and expense of an LLC and checkbook control would be unnecessary. I don't anticipate needing to add or spend funds from the account on any regular basis outside of paying the property tax on the land each year.

Anyone have any thoughts on the subject to share?

Also, recommendations for a reputable and inexpensive custodian for the SDIRA is also appreciated.

Thanks so much,

-Eric