I'm not sure I can copy and paste my Excel spreadsheet, so i will approximate the numbers here.Strategy:Take a Home Equity Loan (second) on our primary @ 5%.Pay off existing HELOC (variable, at 7.5% now), use remainder ($120k) to buy the land (plus 30k of our own cash).

Quote from @Jerome Morelos: I used a fixed rate second to finance the ADU, paying about $475/month for it.

Second biggest mistake is failing to realize these construction loans allow draws on improvements meaning cash expenditures are required before the first draw can be issued.

My specialty as an example is working with investors looking to build portfolios of Short Term Rental/ luxury vacation properties all across the US.  90% of my clients use the 10% down second home occupancy loan.  

So this is a Quadplex, very cool.Ask him if he would carry back a second for part of the loan.

The interest rate and down payment requirement are lower than if it were considered a second home or investment property. 

Those typically seeking $30-$50k are for down payments or second position liens. 2.

I thought this was simply the right thing to do and did not give a second thought to undergoing this process until after the repairs were completed.

"A second question is if I finance the car purchase can I also deduct the business use portion of the interest charged on the loan?"

Also, I'd add that any second position debt, preferred equity, or their brother's, sister's or cousins in any shape or form are at #2 on this list, in really any asset class.