Private equity from family set up

[Patrick Ketchum]

Thanks in advance to anyone who can help me out with this. You guys are awesome.  

Question 1: I'm thinking about using a small amount of private money from a family member (less than 10k) on my next deal. I think this could be a good way to build a track record so that I can gradually move up to larger amounts of private equity in the future. Good idea?

Question 2: What things do I need to prepare with the private investor/family member to show to later investors down the line? Do I need to have a written agreement and then copies of payments that I make to them or something else?

Thanks again for your help.