I have a private loan, now what?!

[Justine Scheuher]

Just by talking about my real estate goals at my Dad's pre-bowling party (lol), one of his friends approached me saying that he would be happy to look at a flip-proposal and (if it looked solid) would fund the deal. 

Question. How does a private loan work if they are funding 100% of the deal--buying property and funding rehab costs? Do they transfer the money to my bank account? an LLC?

What about if they are only funding some of the deal?