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Owner occupied rental question -What if the account has no money?
All,
In the next few weeks I'll be closing on a 4-family house, and my 1st owner occupied rental property. I read the forums and a few books and understand that keeping business and personal finances seperate is key. I'll be opening up a seperate checking/savings account for all rental property income and expenses.
If I end up needing to spend some money on the property before I have enough in the account to cover it, can I write a check from my personal account and call it a "loan" and then pay it back when the rental property account has enough money in it?
Thanks in advance!