Legalities: approaching private lenders

[Lee Syndergaard]

I've yet to purchase my first property. I'm about 2.5 months into the adventure and still in the learning and fact-finding phase.The major thing holding me back from pulling the trigger on deal #1? You guessed it: the financing.

I'm pursuing buy-and-hold, SFH.

I don't have much of my own $$ to throw into the pot, so here's what I'm thinking:
- Figure out about what a house would cost (I'm told to expect ~$200K - $250k)
- Assume a traditional loan, and needing 25% down
- So I'll need to raise ~$62,000 for the down payment
- I approach friends and family, network with potential investors to raise those funds
- Bank supplies the loan for the remaining ~$180,000

Something like that.

Should I speak with a real estate attorney before approaching those potential investors?
Is this considered a syndication? 
What are the legalities involved?
Are there other "creative financing" options I haven't yet learned about?

It's not easy being green :)

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