Property you purchase within your IRA cannot be used for a personal benefit while it is in your IRA. IRS Publication 590 specifically prohibits personal use of any IRA investment. However, you can purchase property now, manage it as a pure investment property within your IRA, and then convert it for personal use once you start taking distributions from your retirement account. For specific rules and guidelines, please consult a CPA who is knowledgeable on self-directed IRAs.