Hi, When filling out the EIN form, how do I classify the business?

On the other hand, a Home Equity Loan (HEL) carries a fixed rate and is usually classified as a second mortgage which goes behind your first mortgage in order to use equity.

@Jemma Jacques- thanks -  if the  proeprty you are  buying is indeed an apartment building with  more than 4 units - this  will be classified as a commercial loan ...if you have any  residential  poperties ( 4 units or less )  in your portfolio that  have  some  equity  - you might  consider  leveraging these  to get the  cash needed  for your  project 

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

If you setup your LLC to be taxes as an S-corporation, you can classify some of your income as salary and some as a distribution.  

With the HELOC on a primary residence vs. investment property, how would a bank classify a primary residence?  

As Jon mentioned, we try to keep the discussion posts from turning into ads/infomercials, so we ask that companies leave that stuff to the classifieds.

Classify transactions as they come in and can run reports (sounds like most of your transactions will be Building Improvements and added to the cost of house, not expensed).

I have a 400 acre classified Forrest (tree farm) that seems would be perfect.  

These were then created typically under Business Trusts or Corporations.PLR 200803004 (the separate portfolios of a series LLC will be individually classified as a partnership, disregarded entity, or association); PLR 200544018.