Can't seem to figure this out...

[Ryan Sanders]

I have begun my investing journey and was lucky enough to stumble across my neighbor, who has access to close to $250k in a 401k from a previous employer which he has not moved yet. As such, he is eligible to move it into a self-directed IRA and I have suggested he do that so we can invest in real estate together with this. Reading more about self-directed IRAs, I now have some questions that I can't seem to find answers to.

1) I am the 'primary' investor and I own the LLCs used to purchase the real estate and his IRA would merely provide funding to the LLC through a partnership agreement between us. Can his IRA do this without the IRA being listed as the owner of the property, and can he keep any profits or do they have to roll back into his IRA? Also, are my share of the profits affected in any way? This then leads to another question:

2) Can I invest some of my free-and-clear (non retirement account) income in these deals and use his IRA for the rest?

3) As many on here will attest, leverage is very powerful, and just because I've gotten lucky access to a large fund of cash, I would still like to leverage properties to maximize my growth and return. Can we still leverage deals using the IRA for down payment?

4) Lastly, If my LLC purchases a rental property using solely my neighbor's IRA funds and I rent the property, is my LLC allowed to contribute to maintenance of the property at all, or does all money for the property have to come from the IRA?

Thank you for any assistance,

Ryan