What would be the best way to do this deal considering these options?
I am buying a property with another corporation in another state and doing a rehab and sale.
We are splitting profits 50/50. I am pitting up all the money and they are doing the management, sales, etc.
Property and rehab cost is $73K Profit after sale is $28K split in half.
I have a business LOC of 50K I am going to use, I am then going to loan my corporation (S corp) $23K out of my personal HELOC and charge it 15%.
I am planning on a hold time of 4 months, so I will be paying payments on both these LOC's
I have 3 business CC's with a combined LOC of $K44 but I am pretty sure I don't want to use these due to a higher payment than the I/O LOC's stated above.
Now I could do it all in my personal HELOC and not use business at all, but for taxes I think that that may not be the best scenario.
Any help (advice, opinion) is MUCH appreciated.
Thank you