How to get started with self directed IRAs

[Liwen Gu]

Hi, can someone please point me in the right direction to get started with a self directed IRA? I intend to use it either to lend out money to other real estate investors or invest in a property myself. How long does it usually take to set everything up? Do you recommend that I set up the account first and then start finding a deal or have a property in mind first and then set up the account? I'm thinking it makes more sense to set up the account first but the drawback is that I have to start paying monthly fees immediately? Do you think I need the checkbook option? How do I go about finding a good custodian company? There seems to be a lot of them and I guess I'm looking for one that is reliable, easy to work with and charges relatively low fees.

Background: I currently have a IRA rollover account at Charles Schwab.