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Who is the best person to talk to regarding setting up a self-directed IRA? Maybe a tax attorney? DH wants to set one up to buy rental property. Reading the rules online is very confusing. It looks like he needs to either 1) set up a new LLC and make the SDIRA the only member, or 2) add the SDIRA as a member to his existing LLC. Either way, it looks like someone else has to be the administrator, or maybe I am not using the correct term. Also, does the SDIRA get all the profit from the rentals, or can it be split 50% between the SDIRA and the existing LLC? I think I need more help than I can get on a forum! Thanks in advance.
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