Family lending for a BRRRR deal

[Cameron Biggs]

Hi BP 

My partner and I just closed on our First home yesterday but at the same time our realtor found us a great BRRRR deal in the Cleveland area. The situation is the property is an estate sale and they will go with highest and best by tomorrow night. A cash offer would make most sense here.

My family is willing To lend me the money (for free, or a small interest rate if I wanted) to be able to secure the property. We have never used private money and are looking for good resource to explain the process and legality of such transactions.

 Do we need a contract?  if they don’t make money off of it does it have to be declared? Do they just wire the money to the seller or me first? Is there a limit on what people can lend you (or gift you) that doesn’t need to be “declared”? What  professional is best to Instruct us on This.?  

We Wish we had more time to read  articles/books and be versed in this, but sometimes life’s timing isn’t ideal

Thank for the help!