Buying/Living mobile home with business money/investment

[Strategy]

I have a good deal being offered on a mobile home and am wondering how that works if I treated it as an investment with my company as far as expense deductions etc..




the 2nd question on top of that one is I currently am living with parents and want to know if I lived in it myself could I still purchase it as a business and expense it being as I am buying it as an investment to rent out / sell in the future?

 

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[ZCP]

Research to educate yourself OR buy it and flip it and use the profit to fund something you know.

 

[lleone]

I'm not a lawyer or accountant, but if you're going to treat it as an investment, then I would set it up as it's own LLC and track the expenses and income completely separate from your business. This protects your assets in your business and also your personal assets (if that is a concern) if someone sues you.

For your second question, if you're going to live in it, it will complicate what portion is for investment and what is considered personal. If you are living in it during the rehab of it, then it should be fine. If you're going to live in it for 2 years and the rehab took only 2 months, then it's a big problem.

I would use your judgement, but many people have made a killing in mobile homes since the rental income is so good.