I assume by HELCO, you are referring to a Home Equity Line of Credit (HELOC). Since you have set up an LLC for this investment, it should be reported on Schedule C. You should be aware that by reporting it on Schedule C (as opposed to treating as a personal investment) the net income will be subject to self-employment tax, in addition to ordinary income tax. Yes, you can deduct the interest from your HELOC as a business expense.
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