Investment from family member
We've done a couple flips now, and we're currently looking for our next project in the St. Louis, Mo market. So far, we've done a conventional mortgage to purchase and then financed the rehab with mostly personal money and credit cards. We're looking do more involved projects and a family member has expressed interest in investing some money with us on a per project basis. We agreed on a % return per project but were not sure where to go from here. Its a close family member and we trust them and they trust us but we'd like to get the documentation process worked out for this deal and so we're more familiar with it for future projects. The amount of money is not such that we could use it for the entire purchase and rehab, but it would still be a big help. Does anybody have any suggestions on what documentation we need or should complete to document the investment and return for both our side and the other side of the investment. I appreciate any info that the amazing people of BP can provide. Thanks