Money Moving Game - Is this acceptable?

[Jeffrey A DeAngelis]

Howdy all - So here goes - Let me know if this is IRS acceptable or would I get myself in hot water...? 

Reside and investment property is in NJ.

Currently finishing renovating a property that I purchased for $65k Cash - $20k in fixes and funded with AFTER TAX DOLLARS. I did complete much of the work myself. Assessment is $155k now. No mortgage and I own outright and did not purchase this with IRA type funds. Just flat out savings.

Separately I just moved $110K from an old 401(k) to a self funded IRA.

Can I sell the above renovated property to a separate individual (non related) for a price (and make a minimal capital gain) and then have that individual sell back the property purchased through my Self Funded IRA?

Yes - it's a money/property shuffle - in my mind it's logical - but I'm also not a tax/law person. 

Make sense?

Thank You.