You could lend hard money at 3pts and 12% to guys that are flipping properties with a 120 day turnaround. (so about a 20% annual return) At 75% loan to value, it is pretty secure if you get with guys that have a track record of getting properties cheap and do a good job doing quality fast rehab on the cheap.
I have been using Sterling Trust out of Texas for my self directed ira. Anyone have an alternative that they are really happy with. Sterling takes longer than I would like scrutinize my investment structures.