I have no idea what NC does, just assuming, but we still don't have any clarifications.....maybe the OP had to go to work or something, we all can't sit around on line in our underware all day!

The OP's question was regarding something inexpensive, but I maintain that using up your own valuable time recreating the wheel is one of the more expensive routes you can take.

. - Start pre-op demo (make sure pre-plannning is still viable) - Bring lockable trailer pod with any materials/installs - Take several deep breaths

Can the OP deduct costs AND claim the capital gains exemption, even though he is not the borrower or the owner?

I did miss the OP's position, thinking he had the 1/2 interest.I had a huge mess I've posted about before, a funny story, but I'll spare you.

I don't agree at all with OP's assessment. 

By all means - take the OP's approach for the first $1M.

It can elect S Corp or C Corp taxation, but it doesn't have the Corporation-like elements.As far as the original question, I believe it was discussed here on BP that you can still do what the OP is suggesting. 

While I agree with the previous comments (and frankly follow the same rules when buying) I don't think that solves their OPs concern.

The more you post, the less the OP and BP Nation will take your posts seriously.