LLC payback to HELOC
We created a LLC to buy and hold rental properties. Because it is difficult for the new LLC to get bank loan, we applied a Home Equity Line of Credit (HELOC) under our own name. Our LLC has purchased a rental property that is paid with money from HELOC. The property is currently held under LLC's name and rent is deposited into LLC's bank account.
Questions:
1) Could we use rent from the rental property to make HELOC payment?
2) If yes, do these HELOC payments count as LLC operating expense?