All Forum Posts by: Brian Leonard

@Jan Ferry-Axman To be clear, although I own the property through my LLC, I do NOT manage it myself, for all the reasons defined by the brilliant people on this thread. I have a third party property manager, and yes, they do take a healthy chunk of the rental profits, but it's less than what I would likely pay in fines from the IRS if I were to manage it myself...:)

Hope that helps!

@Dmitriy Fomichenko it took me so long because it took me awhile to find the right piece of property. :)

Nonetheless, I have been lurking on this forum for a while, as it is a great source of knowledge on what can be a complicated subject.  I've learned a lot, and appreciate everyone's input.

Thanks for your response.  I figured that was the case, but I didn't want to be bitten in the posterior because I didn't ask, and do my homework.

A few years ago I converted a few 401K's into one self-directed/checkbook IRA. I setup an LLC that facilitates the financial transactions on behalf of the IRA.

I recently purchased a vacation rental via the LLC, from which the proceeds will go back into the IRA account. My question:

Assuming all purchases are made via the IRA LLC, I'm assuming I can furnish the rental, and this would not be considered a "prohibited transaction"?

Thanks in advance.