Will Self Directed IRA work in this scenario?

[Pat Sheldon]

PLEASE ignore my other posts, they were put in wrong place...this one is the CORRECT post!

Hello! GREAT website here and I've combed it up and down (via search) trying to find an answer to a possible scenario, but nothing close came up so thought I'd pose the question(s) on this forum.

I am contemplating going in with a partner (my Father), to purchase a piece of bare commercial property. The price is $400,000. He will simply write a check for his 1/2 (200k)...I'll have to create a Self-Directed IRA (SD-IRA) to come up with the other 1/2, as my assets are currenty in a standard IRA through Vanguard.

I plan to build and operate a retail store on this commercial property (this entity would be it's own LLC) and LEASE the land that the building sits on from my Father and myself. I would also (through my SD-IRA) 'buy out' my Father's 1/2 of property in the future.

Is this a feasible plan? I know there is the issue of prohibited buying/selling with a SD-IRA, (no direct transaction with close relative, 'paying' myself, etc.,) but could this be taken care of by each party - the "Store", my "Father" and "Myself" with each entity having an LLC? Would creating these LLC's free us from the self dealing issues?

I'm not sure I've explained this scenario 100% correctly, but hope it's close. I'm just looking for some feedback and ideas here. THNX in advance!