Business Kickoff Feedback Request

[Spencer Turan]

I would like feedback on my business kickoff plan.

Fall 2016 I purchased my first property (personal residence) with a personal loan from my parents. I have a written loan agreement and did not file a mortgage on the house. I intend to pull an Equity Loan on the house to fund a buy and hold rental business (intend to use BRRRR strategy). The house is in my name and loan would be in my name. I would then fund the business with a loan from me to the business for the same rate I'm paying on the Equity Loan. The way I understand it is I can claim income on the interest from the business loan and deduct the interest on the equity loan, netting zero.

I have an LLC in process that should be back from the DOS any day and sent an initial loan application last week to get the ball rolling.

I wanted to make sure there is nothing I’m missing. Thanks to all for being a great resource for so many people.