Work with an experienced tax planner/strategist specializing in real estate and not merely a general tax preparer.

This should be the very first document you prepare.Lender Instructions to direct escrow and title with your lender's specific instructions, including loan position, various insurance requirements, dealing with certain liens, and a pile of others.Lenders Title Insurance policy with proper endorsements.Fire and liability insurance policy (NOT a homeowner's policy)AppraisalI could go onAs I said, this is not a DIY job.

Are there any tax implications or other considerations if we use this loan for our personal home project?

This means expect tax increases, expect HOI increases, expect tenant issues, PM issues, capex issues, everything in between.

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.The site has quite a few tools that can be helpful for new members.

Just kidding.. but as you already did, consulting an attorney to understand your liability was the right move.

Unless it’s a multi-unit property you have no duty to perform any type of background check & in almost every state massive increased liability from doing so. 2.

And the property assessment would need to be changed, and of course, taxes increased, as well as separate utilities.

Tax Implications: Find out what taxes may be involved in registering your LLC in different states.

Tax Benefits.