HELOC to be our own HML through our corporation

[Howard Johnston]

Hello everyone,

I know this is a question for an accountant, we are looking for real estate savvy one.  Not sure if this is legal or even possible, so I guess we get creative thinking brownie points. 

We already have a corporation set up, can we take a HELOC out on our current home funnel it through our corporation and have our corporation act as our HML. Then when we sell the house pay back the corporation and the 11% we would have paid an outside HML, we then take that 11% and reinvest it elsewhere. Any other money we would have made on the flip or sale we could do what we are suppose to with it.... another flip, put it through our payroll to pay ourselves, pay our due taxes etc.

Is our thinking correct in this?  Anything wrong or illegal about that? Is it even possible?  

How would we "funnel" money into our corporation from our HELOC? Possible? Illegal? Not even possible?

Thank you in advance! BP community is fantastic!