Questions on seller financing purchase

[Corbin Jones]

Hello, I have two questions about seller financing. My friend is a note investor and will be financing a home to me on a note that he’s buying outright. Of course, we will draw up legal contracts for this deal.

My first question is about building credit in my LLC through this private deal. Is it possible to report this to the major reporting bureaus to build my LLC credit? I have a credit card that I will use to build credit also.

Second question - how do depreciation and expenses work? I’ll be covering all the expenses, insurance, repairs, etc.. How do I handle depreciation for this? Do I need certain documentation? Thanks in advance.