I have investors! How do I structure the deals?

[Mitch Larrivee]

I've had success with flipping homes. Naturally everyone in my center of influence now wants to throw down $20k++ to get in on the action. This is perfect because I prefer not working with banks (multiple reasons here). 

As you know in the world of flipping, cash-in-hand is king. There isn't time to structure a deal-by-deal basis, especially not in the red-hot market I'm in. Ideally I'd set up some sort of fund pool. Everyone puts in their capital, I manage it via buying and selling flips, then pay the investors after the sale. 

Any suggestions on:

• What to offer the investors (interest rate, a % of profit, etc)?
• How to set this up?
• Tax/Legal implications?
• Is there a name for this?