So i am Using the GI bill to pay for college, but I also got approved for $6,300 this year in financial aid (Pell Grant/Federal Supplement Grant).

My question is, if I am using my cash flow to make payments on this personal loan, would it be possible to deduct this from my property income?

The deal is as follows: Eightplex in Hickory NCAsking price $210,000 (trying to get it down to 150-170k, but am using 210k for the numbers) Gross rents: $2,900/month or $34,800/year (Between $330-400 a door) Tenants pay all utilitiesI am requesting a 1040 schedule E and the T12's from the seller, but for now am forced to use the 50% rule. using that, operating expenses are $17,400 NOI: $17,400Cap: 8.28 Debt Service: $8,700Equity Dividend rate: 16.5% The area isn't great or terrible, probably a C or C+ area.

I am starting a flip the week after next and am using a full thickness solid Bamboo on it.

I am used to dealing with homes that were barely priced under the Freddie, Fannie price guidelines to being in small town KY.

So how do I structure the deal with Hard Money Lender if I am using this as a buy and hold rental?  

The property cost $550,000.00 and I am using the FHA program.

I took out a $50,000 HELOC on my primary residence and am using some of it to purchase a rental, the rest will be cash.

@Mike Ventura I am using freedom credit union out of Bucks county.

The lender I am using told me it was fine to use a loan as part of my down payment.