I see a conflict of interest in your role as fund manager and principal in the “operating” company.

@Chris May,You - and anyone else - can find the spreadsheet files here:Amort1.xlsxAmortization of a 30-year loan, $200,000 initial balance, 5% APR.Amort1_Vel.xlsxAmortization of 30 year loan, $200,000 initial balance, 5% APR, loan accelerated to 9.17 years by making a $15,000 additional principal payment once a year ("velocity banking").

I pay down the HELOC each month and would end up paying about $2,200 in interest over 13 months + the $50k principal.

So I do not have a tax filing with the rental income on it yet.

I haven’t made any profit yet and I’m wondering if I should still file taxes for my “business “. 

They have a balloon payment for the principal due in 10 years.

Principal balance currently at 314kProperty Details: It's essentially a "2-in-1" property, with the main unit rented out for $1,900/month and an attached ADU bringing in an additional $1,200/month.

Was this a Reg D filing?  

Here's a https://www.irs.gov/businesses/cost-segregation-audit-technique-guide-chapter-4-principal-elements-of-a-quality-cost-segregation-study-and-report to the IRS website noting specific items that are included in the cost segregation study report. hmm, that website is a 404 error.