Drawing money out for personal things

[Travis Beehler]

Hi all!

I have a few rentals at the moment all under my LLC. Everything is humming along nicely, and the extra cash is going straight into the commercial bank account I have set up for each property every month.

We've all talked about growing, making it big, etc, but what happens tax/legal wise when you withdraw that cash and buy something for yourself personally?

For example, let's say I own 50 properties and I'm pulling in $15k per month net.  Can I use that cash to say go buy a car, pay my personal mortgage, etc?

Ultimately, my goal is to have around $40-$60k per month net, and retire (about 10 years from now according to my calculations.)  I'd like to upgrade my primary residence to a much bigger place outside of the city.  There's no way I'd be able to afford it on my salary alone, so was curious what you all thought?

Thanks in advance!