I have a property and a friendly investor with an Inherited IRA.

[Account Closed]

Hi All,

I need advice. I have my first friendly private investor who has not done this before so he and I are trying to figure out how to make this deal close. He has an inherited IRA and is willing to lend to me with an interest only 2 year loan in which time I will convert to conventional or commercial loan.

What are the steps? 

Does he need to convert to a self-directed IRA? If so does he need a custodian that can offer self direction?

Should he setup an LLC in which to deposit the sufficient funds to loan to me?

Where can I find a loan document to use as a template to customize for our loan details? 

I have many questions but this is going to be repeated one I figure out the steps. With a conventional mortgage many of the steps are automatic but this time its a la carte.

Thanks in advance for any help