Quick question: in the future, can one of us as an individual purchase property owned by our self-directed IRA LLC?
QUICK ANSWER: Because your respective IRAs are members of the LLC (hence why it is commonly referred to as an IRA LLC), no you cannot purchase property/assets owned by the self-directed IRA LLC because you are both deemed disqualified parties.
However, you could take an in-kind distribution of the LLC by having the LLC units distributed in-kind and in your respective names. However, a valuation from a third-party would have to be performed on the LLC in order ensure the correct amount is tax reported by the self-directed IRA custodian. Since the LLC units would be distributed in-kind from the IRAs to each of you as the account owners, income taxes, and depending on your state, state taxes would also apply, along with a 10% penalty if you are under age 59 ½ at the time of the IRA distribution.