Income, Credit Lines, and Taxes

[Derek Foreman]

My partner and I are wanting to use our credit lines for personal expenses while working on our flips.  This would do 2 things: 1. Ensure that we have some income while working on said projects. 2. Lower our total tax burden by reducing our end-transaction profit on each flip (assuming taxes are not paid on credit line "income").  

Just not sure if this is legal......or if there's a better way.  Thoughts?