Private Money (The Specifics)

[Account Closed]

I am currently looking for buy and hold properties. Specifically ones that I can get cheap, fix up, rent out, then refinance. I have come across a few homes in great neighborhoods that would fit this strategy perfectly, I am just waiting on the owners. I want to use private money to raise the money for purchase and renovations.

I'm pretty familiar with the strategies on how to farm in private investors. What I need are specifics on the process once a deal is selected and matched up with an investor( or multiple investors). I want to be over prepared. 

What is a good percentage to pay? And should it be compounding or straight up? I currently own one rental but don't have an LLC, should I have one if I'll be dealing with private investors. What type of legal paper work should I have prepared? Should I have any of my own money involved? How should I accept the money from the lender once we are ready? When should I start paying them back and how? (check in the mail, electronic...etc is there a standard?)

I realize these are novice questions. If there is any more advice anyone might have it would be much appreciated.