Have fidelity IRA, want to change to a self directed. need advice

[Nicholas Field]

Hi, 

I currently have a fidelity IRA (2 different ones actually) and I'm looking to buy an investment property and would like to use my IRA money. I understand I can move my money into a self directed IRA and use those funds to do it. This is correct?

What's the process for this? Where can I find a place for a self directed IRA?

If I have a personal mortgage on the property will this make a difference on using it for these purposes? 

Follow up, but separate question: Can Self directed IRAs be used for primary residence? 

[Brian Eastman]

@Nicholas Field

A self-directed IRA is a tax-sheltered vehicle that can be used to diversify your retirement savings.

IRS rules prohibit any direct or indirect benefit between the plan and a disqualified person. That is a list that includes, you, spouse, lineal family, family owned businesses, and certain financial relations such as plan fiduciaries, JV business partners, etc.

So, the plan purchases the property, pays all expenses, and receives all income in a tax sheltered fashion. You cannot mix plan and personal finances or place a personal guarantee on a loan associated with an IRA owned property. An IRA can obtain debt, but the debt must be non-recourse.

You absolutely cannot live in a property owned by your IRA.

There are several providers of such plans active here on BP.  This is a very specialized service not offered by securities-focused brokerage firms.