You will learn so much about business, capitalism, taxation, what is wrong with our country, meet many different types of people, your own flaws and strengths and the list goes on!  

Income from leveraged portion of the property will be subject to taxation so be sure to consult with a knowledgeable CPA about tax consequences (this is not the case in a Solo 401k, which is one of the reasons it makes it superior to the IRA). 

There need to be a shift away from the 'for the rich' attitude of taxation to the 'for the good of our country' taxation.Dan Dietz

@Risa Hind I'd like to second what @Ken Badziak has said (and of course I always like a guy that BP's with a glass of wine in hand ;) I would like to point out, however, that in addition to all the taxation issues you have the issue of reserves to consider.

Flipping houses in an IRA, if done on a regular or repeated basis is subject to UBIT taxation, since this is considered a trade or business (and therefore this tax-exempt entity is competing with tax-paying businesses).  

Because of double taxation Canada-USA (63-73% in my case) and all international form requirements, since I got married last year, and became a US Citizen for tax purposes ONLY (!!!!!!!!!!!)

On the other hand, property owners benefit greatly by keeping sales data out of the hands of the taxation powers.  

I talked with him for about 30 minutes and he will be the first person I reach out to in the future.On a related note while talking with Charlie I learned that rental income is taxed the same whether or not the property is owned by an LLC, so there are benefits from a liability standpoint but not really a taxation standpoint in an LLC.  

The IRA would be on title and the loan would need to be non-recourse, meaning no personal guarantee from you.The non-recourse lenders that would look at such a deal would likely want to see about 35-40% down and 10+% in reserves in the IRA.The use of debt-financing in an IRA exposes the IRA to UDFI taxation.  

IF you can, however, you'd most likely be volunteering for double taxation (assuming the account consists entirely of pre-tax funds): you'd pay the loan back with after-tax funds (tax #1) and then when you withdraw in retirement, you'd pay taxes again (tax #2).