Can I make a total distribution without selling the property in my IRA? I would like to make a 60 day rollover and replace the IRA property with cash. This would allow me to purchase another property. Ultimately, I want my business to own the property outright. Can I have an investor willing to buy the property and sell back to my business at a market rate?
Yes, you can take a distribution of property from your IRA without selling it. Simply get an appraisal of the property and request a distribution.
Unfortunately, you would not be able to replace the property with cash, since you can only roll over the same property as you distributed. Also, if the IRS was able to detect that you sold the property to an investor who turned around and sold it to your business this would be an indirect prohibited transaction which would cause your IRA to be distributed as of January 1 of the year in which you did the prohibited transaction, so that should not be a path you pursue.