US tax law allows self-directed investments with IRA funds if the investment is held in trust. IRA custodians administer investments by holding title for the account owner.
http://www.marketwatch.com/News/Story/Story.aspx?guid=56f5e7dc3fe54f5cb9a13dd496b3b4d1&siteid=nwtreal&sguid=U8_75wYm70G4OeX6plpOXA
IRA Services charges $60 a year for the account, a $60 annual fee for each property held and $10 for cutting checks for expenses and IRA transfers. "Most companies that provide this service charge a percentage of the portfolio value, usually in addition to a base fee," IRA Services Trust Officer Michael McNair says.
At the other end of the cost spectrum is long-established Pensco, whose fees run from several hundred dollars to a maximum $2,500 for the largest accounts. Its Web site allows online access to account records and has a wealth of educational information.
http://www.penscotrust.com/
https://www.iraservices.com/
New York Time's article on IRA custodian fraud.
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