Paid off home, rentals and personal residence

[Mischa Talokonnikoff]

Hi BP,

Hopefully you can guide with the next steps, this is what I have going on.

- I Own a home in south Florida (fort Myers) that is paid off. My mother lives in this house, and will for the rest of her life. The value is 250-300k.

- I would like to purchase a place for myself and fiancé in tampa

- I would also like to start a rental/buy and hold portfolio

- I’m interested in knowing if these personal properties should go into business names so that I can write off business losses at my moms place(she will never pay me rent), so I’m just covering expenses).

It’s obvious that I have a lot of cash that is sitting idle. I can’t sell the house because my mother needs a place to stay. But, having that cash liquid would be huge. So, what to do?

Do I home equity or heloc her house? If I move it into a business name, will banks still give me a loan against the property? Is it worth putting in a biz/does it matter? Do I take out 200k on it and use it for multiple down payments? If so, do I put those in new properties (one for myself/one rental) in LLCs? Would I even get financing or should I just do one for now and pay cash to avoid second financing?

Thank you for your guidance. Trying to be thoughtful on my first move.