Purchasing w/ Self Directed IRA

[Malia B.]

Hi BP. I'm interested in learning about purchasing property with a self directed IRA. I have a 401k from an old job that is sitting, growing slowly. If I can learn how and it makes sense I'd like to use that money to purchase a rental unit so that money can grow faster.

What's it like Turing a 401k into a self directed IRA? How is purchasing property different than using cash savings for a down payment? Who technically owns the property, and it's liabilities? Where does any cash flow go; into my pocket or back to the IRA? Can you 1031 exchange from an IRA?.... so many questions I could go on and on.

Please share your experiences, pros, cons, tricks and tips.