For many investors who understand real estate as an asset class and want diversification of their IRA beyond just publicly traded assets, real estate can make sense as an IRA investment.As to your other questions, and IRA is an IRA. 

Hi,I am just getting started in the real estate investments for diversification and for my FIRE goals!

To maintain that tax-sheltered status, all investments made with the plan must be at arm's length, and may not create any transactions or benefit between you or what are referred to as disqualified parties (spouse, parents, children, family businesses, etc).The purpose of a self-directed plan is diversification and control. 

You give up control but gain diversification and pros run your investment.

Some good identifiers of growth markets can be; population growth, income growth, job growth, job diversification and of course, rent growth.

Also, and I'm not sure if this is what you were getting at so feel free to respond if it is not, my wife and I invest in various types of areas for the sake of portfolio diversification in the same way that we invest in stocks and bonds of various risk-reward levels. 

I'm not changing anything, just looking for diversification and potential higher returns in areas that may be less "discovered". 

No problem, you continue renting until it is the right time to do so for you to cash in.Number five is diversification.

One of the oldest principles in investing (any asset class) is diversification. 

A 1.6 EM, even if factored every 2 years (and taking 25% out for taxes at every sale) turns a one-time investment of $200k into $8M over 20 years, and that is still blowing my mind.Other than all that, yes diversification is good, and we probably need more of it!