Is there anyway that my grandmother and I could team up and invest in RE with her IRA account?? I have an LLC and didn’t know if I could just make her a partner in the LLC and do it that way or something like that… Just trying to think of a way that her IRA could be profitable for the both of us…
I think you are nuts to even have thoughts of investing your grandmother’s money or for that matter, anyone in your immediate family! Any bumps in the road (which there will be) will create unwanted issues in your family!
Having said that, grandma can buy/sell real estate, mortgages, notes, and the like with her IRA. You need to study the IRA rulings regarding dealing with non qualified individuals, specifically family members. Look up Ed Slott on the web and read his material.
Your grandmother’s IRA cannot do business with you or a company you control in any manner unless you receive no compensation. You can find her deals, but you can’t profit from them. Look up the term disqualified individual and prohibited transaction to learn what you can and can’t do in an IRA.