Using OPM to fund my first deal

[Bernie Tobin]

I've found my first deal and I have two partners to go in on it with me (it's a mobile home park that looks to be a great deal).

I've been approved for a home equity loan and will likely get $50,000 on a line of credit.  It looks like we will each go in for about $100,000, which leaves me short.

I know people that are willing to invest... I just need to know how to best do this.  Is 9% typically a good return?  What is the best way to pay them back within a year knowing that the cash flow from the MHP will likely not be enough.  Perhaps a 3 year note for 6%?

Also, how do I have a note made up?  Lawyer?

Thanks for the advice!