I'm interested in using a HELOC on my primary residence to purchase a rental property. What steps do I take to complete the following:
1. Transfer the money from my personal name to my LLC
2. Pay the HELOC balance with rental income from the rental property
Thanks in advance for your help!
If your rental is under the llc, you transfer cash into the llc as contribution. When you get rent, you take out llc and deposit into your bank as distribution and then you pay it back