Structuring JV deal with home owner

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Hi everyone,

A client of mine wants to sell her property and the house currently has about 85 % equity. A contractor left a mess in the basement and I don't think it will be passing FHA. I suggested her to pull a HELOC and finish the basement but she filed for bankruptcy and can't get any loans.

I told her I would be willing to loan her the money but I would have to think about a way on how to structure the deal. Does anyone has any suggestions?

I thought about structuring it this way. For every 1,000 I get 500 back, or a 50 % return of my money. So, I would be lending her money to finish the basement, putting some carpet, and doing some interior painting (about 15k so I'd make about 7,500). 

Should I be hiring an attorney for this?