How to become a private lender in the DMV?

[Chris D.]

Hi:

I have been approached by some really reputable and exoerienced rehabbers in my local area to provide private financing for some of their flips. I have seen their work and know that they have an excellent reputation in my local area. The good news is that I have a real estate license and access to my local MLS so I can run my own comps and verify tax information. I would be looking at Days on Market, type of home to be flipped, etc. What is the normal process private lenders go through? Do most of you provide your own documents or used proposed loan documents from rehabbers? Should I start more safely by providing funds through a local hard money lender and then graduate to private lending? Any feedback will be appreciated.