Self-Directed IRA's are intended to benefit you when you retire and not before.  Transactions can be interpreted as providing immediate financial gain to the individual are not allowed.  These types of transactions are referred to as "self-dealing".

Some of the things an individual cannot do with their IRA are:

• Use IRA for security for a loan
• Transfer IRA income or assets to a disqualified person*
• Lend money to a disqualified person*
• Extend credit on your IRA to a disqualified person*
• Furnish goods, services, or facilities to a disqualified person*
• Receive unreasonable compensation for managing property for their IRA
• Sell, exchange, or lease property to their IRA
• Borrow money from their IRA
• Purchasing live insurance
  

* For IRA's a disqualified person is the IRA holder and spouse, ancestors, lineal descendants (and their spouses), investment advisors, investment managers, any corporation, partnership, trust, or estate in which the IRA holder has a 50% or greater interest, or anyone providing services to the IRA, such as a trustee or custodian.  for more information please refer to IRS publication 590.

Prohibited holdings

In addition, direct investment of your self-directed IRA funds in collectibles is prohibited. (Collectibles are defined as works or art, rugs, antiques, metals other than gold and palladium bullion, gems, stamps, coins, alcoholic beverages, and other tangible personal property as may be defined by the Secretary of the Treasury)

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