Interest paid to private lender

[Ryan Moore]

FYI: I'm still out hunting for a good CPA, but I wanted to know something. A portion of my down payment for my MF rental came from private money. Can I deduct the cost of interest that I am paying towards that private money lender? I know that their source of money came from a home equity line of credit, so I am basically paying that back for them. Also, I'm sure they will be claiming the interest on their HELOC with their personal taxes. Any thoughts? Thanks