Another local bank forced a client I've worked with to close two credit cards as a funding condition.

In order to show land is acquired using Heloc from primary residence, does it need to be in LLC or other legal structure?

Maybe not 0%, but pretty close.)I’m also saying it could cost them $50 or $100k in additional taxes.

Add: For the following year, we pivoted to MTR and LTR strategy since we found a good situation where our neighbors parents from out of state needed a place to stay close to them and the grandkids and has been staying at our place since 2023. 

Additionally, failing to close a loan over a fiscal year is a huge red flag and usually leads to termination.I want to dive headfirst into RE investing to gain that experience I mentioned above.

Someone in my group has a triplex under contract right now, closing next week. 

So, I proposed this deal to the Church, which they accepted and we closed on April 2.  

Full draw required at closing.

Find a local lender (probably a credit union as they love these) that offers 2nd mortgages - sometimes called Jr mortgages, HE-loans, or closed-end seconds.

Projects will take 5-7.5 months to complete.I assume a conservative net profit at closing between 13% and 15%.