Help!-Want to learn about Self-Directed IRAs

[Scott Kim]

Hi BP-

I am really interested in learning more about Self-Directed IRAs. 

From what I gather, this is a tax savings account (like a 401k), but the advantage of having this IRA is you can purchase a property with it.

My question is:

1.   Is this true?

2.   How do I get started?

3.   How much can I contribute towards it?

4. Is there an income limit restriction (i.e. if you make over certain amount per year, you can't put your money towards it)?

Here's my goal: I want to save money to towards a down-payment. and I want to keep my money protected and still purchase properties with it. Please, if you are familiar with self-directed IRAs, help answer above questions and how I go about starting it. 

Really looking for specific examples. Thanks!

- Scott