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Updated almost 8 years ago,
Use business money to renovate a property for split usage primary
I have an excellent opportunity to purchase an historic 1920s home on main street middle of downtown zoned residential and selective commercial use. I can qualify for loan have 20 % cash for down payment. My business has cash 60K for the renovations. How can I structure this with in legal limits as to not be seen as comingling personal money with business. Plan would be dual use store front on first level. Primary residence upper level.
Would I be able to take distribution from company do renovation with personal money. or transfer the property to the company then rent upper level back to my self?
Or perhaps keep as personal and collect upfront rental to cover renovation.
Any thoughts?