Poll: Private money docs

[Account Closed]

Hi everyone, 

I am looking to structure a flip with two private money lenders.  They will receive 50% of the profits from the flip. I have heard of a few ways to do it...

1. Set up an LLC and issue a mortgage and unsecured loan document (picked this up from @Mike Simmons podcast #50)

2. Keep it simple and have the title company draw up a note with the terms.

Question

Which do you use? Recommend?

Best, 

-JD