Am I way off here?

[GettingThere]

I am collecting all the necessary docs for creating a corp right now (one of my 2009 fastlane goals) and was looking through some old posts on business credit.

I'll definitely be setting up accounts to build this credit for future use and to give myself options for taking advantage of opportunities...

My question pertains to something that morphed into my brain as I was contemplating this credit and my Corp entity. My wife and I own a townhome as a second home (our first home that we could not sell due to the bubble burst) and are currently upside down in it by (I'm guessing) $15-20k. My thoughts led me to the idea that, once my business credit is well-enough established, could I short sell the home to my Corp? Essentially, because I am the only person in my corp, it would get me out of owing the $20k loss, and I might be able to get positive cashflow out of it at that point with my tenant remaining in the home.

I realize this would cause a ding on my personal credit score for a bit, but $$ is $$ in the end.

Is this possible? Legal?

I'm a total newbie to this side of the Fastlane, and I'm trying to think creatively, outside of my normal comfort zone.


Thanks in advance,
John

 

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[CactusWren]

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[bflbob]

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[GettingThere]

Hsiev opgu. Vjeplt gus vji sitquptit. O jef e giimoph ov nez puv ci efwotecmi, cav xetp'v tasi...

-Kujp