Approaching a Friend as a PML

[Matthew Thornton]

I have a friend who has expressed interest in investing. Now that some of the cards are falling into place to invest in our first BRRRR here in the Houston Area, I've thought about approaching him for funds once I get everything lined up. 2 part question: What is a good interest rate to approach him with, and what is the best means to make this happen to protect both parties?