It's both bad advice and Caveat Emptor. You did the simple due diligence that describes prohibited persons and disqualified properties. The people deciding to buy on the fringes .. give a wink wink and bet on the come that IRS won;t catch up to them are the same folks that "give it to the man" whenever they get a "free" roof from their insurance company, buy a tool from home depot, use it and then return it .. etc .. I didnt see the ad, but I would certainly never do business with whomever is peddling this incorrect drivel. And BTW, I have used IRAs for investment properties for many years, understand the rules, and have walked the talk.
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