Self Directed IRA Solo 401K - I know this has been beat to death

[Bruce M.]

I know this subject has been beat to death in the forums, but can someone in simple layman terms tell me how I can set up one of these?

I have both solo 401K and SEP-IRA retirement accounts. I have been an employee of my corp. for years and have collected a nice sum in my retirement accounts. I want to loan money to myself for some rentals I own and repay my 401K interest from such a loan. From my understanding I am limited to 50K to do this? Is that correct?

If that is the case, then I wanted to create a checkbook LLC so I could by some rental properties or do hard money lending from my SEP-IRA. I am only interested in loaning myself money and setting up a checkbook LLC. I am not interested in setting up a custodian account and buying property in it.

Also what are the lowest fee companies that set these up? It seems I need a company to set these up, and then a lawyer or something to do the checkbook LLC portion?