Hi all,
New here and looking into investing in short term rentals but have lots of questions. I have $140,000 in a ROTH that I would like to convert into a checkbook IRA and self manage both the ROTH and the properties. As I understand the process I would need to-
-Form an Llc in the ROTH with me as sole and managing member
-Open a bank checking account for Llc
-Finance through non-recourse loans only
-Never do anything that would benefit me (only my ROTH)
Questions are as follows:
1) Due to severity of penalties, should I move entire amount, or only what would be needed to secure loan(s) for properties and keep another IRA?
2) Is there a way to move money back and forth between IRAs if needed? (All are/ would be ROTH)
3) Can I legally self manage the properties?
4) If so, to what extent? I am not looking to do cleaning/ maintenance activities but booking, coordinating maids, handymen, contractors.
I am sure to have many more questions but would like to thank you in advance for your time and advise.
Roger Deweese
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