IRA and Foreclosures

Just saw a story about IRA's and foreclosures.  You can actually use your IRA to buy a foreclosure and do a lease purchase back to the renter/buyer.  The money is still in an IRA so you can't write off any loses.  You also can't do this for a immediate family member.  The man in the story had bought his friends house and was leasing it back to him until he could get a mortgage and buy it back.  Be careful as you can lose a good friend if things don't work out.