Paul Tuttle has a business opportunity. He can buy a tract of improved real estate for $450,000, far less than the current market value, if he acts quickly. Unfortunately, Paul has limited liquidity. He does, however, have $1.2 Million in a self-directed IRA. Paul rode the stock market from its 2009 low to todayâs highs, and now thinks that equities are overpriced. The real property is rented under long-term leases, and generates approximately $36,000 per year in pre-tax profits. Can Paul direct his IRA to acquire the real property? If so, may the IRA collect the rental profits the way it collects interest and dividends from the stock portfolio? If Paul wants to hold the rental property in an LLC for liability protection, can the IRA be the sole member of an LLC?