Self Directed IRA Question

[Charles Wilson]

I need some help.  Ok here is the scenario.  I purchased a mortgage note with in my SDIRA the note turned non-performing.  I foreclosed on it. I am thinking this means the property is now owned by my SDIRA. I want to take the property out of my SDIRA.  Let the property be owned by my S-corp so that I can borrow money to do rehab.  I know that if I borrow the money while it is in the SDIRA I will be subject to the UBIT tax.  

My plan for the house is to fix it up, create a note to get the cash back to pay off rehab money that was borrowed, get the house rented, sell to turn key investor and make a profit.  All done using the S-corp for the tax advantages.

So my question is how do I remove the house from my SDIRA.  I am over the 59 1/2 mark so there will not be the 10% penalty.  

Thank you in advance

Charles