Updated over 8 years ago on . Most recent reply
HELOC (not in my name) financing investment property
Is it possible to purchase an investment property (duplex) in my personal name with funds from a HELOC that is on someone else's property (ie. parents / friends / investors)? Logistically, I assume I cash the check from HELOC in my personal account prior to closing than proceed to close with cash.
Will this method of financing affect a delayed financing refi in my name after the property has been rehabbed? (less than 6 months seasoning)
What are the tax implications? Can the person who takes out the HELOC write-off the interest from their taxes even though the funds are being used to purchase an investment property in someone else's name?