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| Joe Arlt
  |  "Re(1):Question forJoe Arlt"
, Wed 29 Nov 16:58 
Terry:
Yep, I used Mid-Ohio. They have several ways of doing it, but as I was already using limited partnerships we went that route. You might want to check out www.themoneypeople.net . At the home page is a good starter explanation how the writer does it, which happens to be very close to how I do it.
I started doing this about a year ago. A few details: IRA accounts cannot borrow money. And most IRA custodians further limit what THEY will let you do with YOUR money. However, IRA accounts can invest in limited partnerships. Most of those rip-off REITS that were set up in the 80s were structured in just that way. And LPs can definitely borrow money. So, I set up another LP (that makes about 15 for me!). As usual, my Nevada C corp is the general partner and owns 1%. The IRA buys the other 99% of the LP's units as a limited partner. The LP then buys whatever it wants. I typically buy properties on contract (no formal qualifying - would be tough for this LP to get a reasonable bank loan) to resell on a wrap. Am also currently doing a rehab. The LP can invest in whatever it wants. As President of the general partner, I have the checkbook! I expect to grow the account to several million at least. And it will all be tax free!
Just be sure not to violate any of the self dealing rules the IRS has - big penalties for that.
Joe
Joe Arlt
Super Wrapper
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