In hind sight I would have looked for a BRRRR property)3.

The Journal entry for a loan would be as follows:Cash                                             $30,000Loan from IB Singh                                              $30,000As payments are made you would deduct from the $30,000 principle balance along with any interest paid. 

So we lowered our expenses by about $1200 a month and we  gain about $900 a month in principle pay down.  

I will be renovating a duplex I recently bought sight unseen. 

The books, accounts, and records must be maintained in accordance with generally accepted accounting principles, be apart and separate from another business in which the organization is involved, and retained for at least three years.

If there is no penalty/restriction in making principle payments just do the interest only loan and make additional principle payments.

I really appreciated your post, and I highlighted it, and had Siri read it to me several times to gleam all of the great principles from it.  

Ok, I went to the Zelle sight. 

It is an interest only loan meaning your monthly 10% payments dont deduct the principle amount due after 12 months. 

You truly learn what someone is about by how they react when they don't have a direct line of sight to how they profit.