HELOC in a LLC, tax question

[Nicolas Ake]

My 50/50 partner and I intend to use one of his properties as a HELOC for a downpayment on a hard money loan. Should we transfer the property into the LLC and then open the account/HELOC? My current understanding is the best practice is to keep business/personal finances separate.Does anyone have any advice?

Thank you

[Lance Lvovsky]

@Nicolas Ake

Natalie gave you good pointers. In addition consider the banking impact. Bank may not give a heloc to a property owned in an LLC. Generally would need to be a commercial line of credit.