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This is from 2003, but I have no reason to believe that the laws have changed.
Yes, you can have real estate (there are restrictions, naturally). In a Roth, it appears that the profit would not be taxed.
http://www.realtor.org/rmomag.NSF/pages/featuresept03ira
Given that the ROTH profits in stocks or such are not taxed, that SHOULD be true, but as politicians are not logical, nor is tax law, you would want to verify that before making a purchase. Given there are a limited number of qualified businesses that can help you invest, they’ll definitely know the answer.