Has anyone here structured a shared appreciation agreement? How did you set it up?

[Connor Jones]

I'm exploring alternatives to traditional financing (HELOC, cash-out refi, etc.) and came across shared appreciation agreements (SAAs). The concept is that a homeowner receives an upfront cash investment today, and in exchange, the investor gets their principal back plus a % of the property's future appreciation at sale/refi.

A few things I’m curious about:
– How did you structure the agreement (lien, contract, equity share)?
– Did you use an attorney who was familiar with these deals?
– How did you decide what % of appreciation to offer vs. how much cash to take upfront?
– Were renovations/upgrades factored into the agreement?

I’ve read about companies like Unison and Hometap that do this on a larger scale, but I’m more interested in how people here may have structured them on a private investor-to-homeowner basis.

Would love to hear any experiences, lessons learned, or resources that helped you set it up. Thanks in advance.