Hi BP Community,
I am in the beginning stages of gearing up for my first BRRRR, and am quite confident I can raise the capital needed using PML, and my own funds.
However I do have a few questions in regards to PML, and hoping for some responses:
1. In terms of reporting, how does one report a loan from a family member for tax purposes
2. Does a bank account need to be created for receiving, and storing the funds, and if so do the funds need to be there for a certain amount of time? (loaded question, I'm sorry)
FWIW I have a few family members who are active in RE, so I do expect the funds to come from them, and not a local PML, or a HML. Thanks in advance!