Similarly, looking up deeds of trust, licenses, or other public loan documents, as is often recommended here, will only confirm that the company exists - not that you are speaking to a legitimate representative.

It seems a stretch to pay for the Rig with Section 179.I would have development equipment onboard and dedicate a portion of the space to developmentI could put the companies logo on the side as advertisementGiven this, what tax strategies are actually practical?

In general, if you can tie an expense back to a legitimate business purpose its a write-off. 

From a tax standpoint, there are additional disclosures to make when selling a business asset for less than fair market value to a related third party. 

Instead of evicting them, i was thinking is there some way that I could rent it back to him for very cheap (mainly to cover just the taxes/ insurance) ie 2k a year rather than the going rate of 2k a month for similar properties.

Renting your primary home to yourself is not permitted by the IRS, as it does not create a legitimate landlord-tenant relationship.

Hi Ricky,Being in operation for 10 years with mid seven figures of assets and NNN leases,it would be wise to speak with your tax advisor regarding if the tax set up should be an LLC, an S-Corp  or a C-Corp.It would also be wise to speak with an asset protection attorney to find out if this is something that might be beneficial to you in that area.

@Daniel MadhavapallilYou should hire a tax professional. 

The tax paid from your lending proceeds should be the equivalent of your tax rate I would think.

The smaller more nimble banks such as state chartered or regional banks are better able to service you.If the LLC that owns the property is part of a legitimate business, is profitable, then you stand a good chance of securing some kind of funding.