Many people choose NOT to have this, because the administrator will then vet every investment you make to ensure you do not invalidate your IRA.Invalidating your IRA means that you've done a prohibited transaction and the entire account is then deemed as distributed to you.If you don't want checkbook control, then I recommend a plan administrator such as Equity Trust - www.trustetc.comIf you are sure that you're aware of all the rules around prohibited transactions and disqualified people (who you can and can't do business with), then a plan administrator like Sense Financial would be a good place to start talking.  

We both run our own businesses but we feel that real estate will help make sure we both maintain our life plans of not needed to work as much any more.

I plan to buy one or two more properties with the $200k, but then I will be out of capital.

These are leased to businesses (like chain stores) that cover taxes, insurance, and maintenance, making them much more hands-off than residential rentals.Real Estate Syndications / REITs – You can invest passively in commercial real estate (apartment complexes, self-storage, industrial, etc.) through syndications or real estate investment trusts (REITs) without being a landlord.Hard Money Lending / Private Lending – With $500K in equity, you could act as a private lender, funding real estate investors who flip homes or develop properties.

My significant other and I decided to use a builder she had done business with in the past.   

Syndication has been an essential element in creating scalability for my business.

Everyone already knows someone who can sell them a house in the US.With over 15 years of experience combined in international travel and Airbnb hosting, I am now a full-time consultant that helps Americans purchase property and set up their businesses abroad.Me and my partner own three apartments in Croatia that I manage myself remotely.

Additionally, another neighbor who owns an adjacent parcel has expressed interest in joining the project, contributing their land to the development as well.I believe this could be a great opportunity for all of us, especially as a unique retirement plan for my family and my neighbors.

I do love the senior living wing of a business strategy. 

Quote from @Jared Polk: I'm just getting started and am planning on buying a MF in the near future.