Paying back personal loans
Hello all, looking for some solid advice here!
I have taken 50k in personal loans that has been used across multiple properties for rehab and/or purchasing and trying to figure out best way to repay the loan...
1. Directly from the property accounts to my personal account or
2. Setup a contract (with added interest to make up for the income taxand) with my relevant LLC business account that is currently acting as property management company for those properties? Meaning properties pay LLC then LLC pays me personally? If going this route, does this mean my LLC would have to pay taxes for receiving this money even though it is effectively just passing through to me?
or
3)suggestions???
Many thanks for anyone who can help.
Finally, any real estate savvy CPAs based in CO?