Help with structuring deal, deed and positions!!!

[Dena Price]

Hello,

I have a deal going thru on short sale.  This is in Washington State.

there are 3 of us in the deal.  Jason, myself (dena) and Randy.

Randy is bringing in all the money to purchase and rehab.  Jason and I are doing the documents for the short sale and I found the deal and brought in Randy.

I am getting a variety of answers back on this from Title, Realtors, Lenders, etc...

Originally we were all going in and on PSA as buyers. Then came issue with Randy being the 'lender' and cannot be on Title as owner and lender/lien holder/beneficiary. So we decided when the time comes for DOT (with Escrow help on this) Jason and I would be owners and Randy would be the beneficiary/lien holder (no mortgage or loan docs are being used, just our partnership terms and agreement showing randy getting repaid at resale and also 1/3 equity of profits. a Promissory Note will be added and filed on Randy's behalf.

My question is:  

Does Randy stay on PSA as buyer?  If not, will we need a 'loan document' for the purchase or resale of this property or will our Terms and Conditions contract suffice?

Is there another way that we should structure this deal to make it easier?

ANY HELP WOULD BE MUCH APPRECIATED!  The more answers I get the more questions I have!

I am trying NOT TO GO TO AN ATTORNEY as I cannot afford the fees and know they will probably hit me up to write up all the documents and I am not sure what IS NECESSARY AND WHAT IS NOT.

Thanks,

Dena