Question about structuring a deal with investors

[Sal Benigno]

I am looking to get started after months of research and consideration, but I plan on doing my first deal with a few investors. These investors will be family/family friends, and since I am doing most of the work to get everything set up and moving forward but I am not actually contributing financially, I am trying to find the best way to structure it to get myself involved.

I've heard of people taking a fee (say 1% of the purchase price up front), or the usual % of the monthly cash flow, or both. I've also heard of people who don't start getting a % until the investors are paid back.

From your experience, what is the best course of action? Also, what type of % would be most fair?

Thanks!