Advice on agreement with money investors on fix and flip

[Junior Francica]

Hey everyone any advice or experience would be appreciated. After starting out first flip we had people approach us wanting to give us money for our next flip. We have identified our next flip and want to figure out an agreement with the money investors would that be a JV agreement?

They want to give us the money to pay the hard money lender fees, interest, closing costs, and anything else and we find the deal, do the work, and then after selling it (I am an agent) we will give them interest on their money. 

My question is, what type of agreement should we have in place with them? Does anyone want to share any agreement you go off of? also what is a good return to offer them on their money? I was thinking 15-20%? Thank you guys

[Account Closed]

Quote from @Junior Francica:

Also to clarify, I will be getting hard money loan for purchase and rehab and the "lender" (second party) will pay for the hard money and fees so not sure they could have 1st position as hard money lender would have that position on loan. 

The hard money loan (HML lender) will be in first position. If you have another party paying for the loan payments, they would be in second position.
What you are contemplating isn't a normal arrangement, but done correctly should work.

Normally you would borrow from the HML (who would be in 1st position) in your entities name and make the payments from cash on hand.

Since oftentimes, fix & flips go over budget and take longer than anticipated to sell, make plans for that in your financing and contracts.