LLC formation with Investors

[Samantha Baker]

Hey all! I have investors interested in getting into the deals I come across. I'd like some help with structuring the partnership. 

For example, let's say John wants to invest $50k into a property I want to purchase. 

John and I form an LLC and those funds would be deposited into the LLC through which the property is purchased. I then have a lawyer form a promissory note for the loan terms owed to John upon the flip of the property.

Is this a "smart" way of going about this? Seeking a hard money loan.