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Need your professional opinion in regards to commingling of funds
Hi BP! Just bought my 8th property, feeling pretty pumped. But here is my dilemma. I used my home line of credit to buy it, in order to pay cash, in a sheriff auction. In the meantime, I'm in the process of getting a business line of credit for my S-corp, which I have 2 rentals under it.
The business line of credit offers 3-6 months of zero percent interest. Which I am interested in using to pay off my HELOC.
My question is, how do I pull money from my business line in order not to be considered as "commingling the funds"?
My long term plan is to hold on to this new property as a rental, but if I can sell it right away for a profit, i will. The title will be under my name.
Yes, we're looking for a good CPA who is also a real estate investor / attorney. But in the meantime what are your thoughts? And your opinion will not be considered as legal advice. I just like to know what some of your strategies might look like.
Any feedback is appreciated.