Partnership Equity with Military Buddies

[Brett Willenbacher]

Hello members. A few of my military buddies are interested in partnering in my wife and I's journey for REI here in Orlando. Since they are active in the military, for now they would be contributing cash only until they move to the area near the end of the year. If we came across a deal, they would be given a equity share based on the amount of their cash was used for the down payment, rehab, closing costs, etc.. They are not currently interested in being a hard money lender. A lawyer would be used to write up a contract. A few questions:

1) From what I understand, investment loans do not allow what would be considered a "gift" from them for their cash towards a deal. Is this correct, and is there any way around this without having to put their money in my account 60 days in advanced (2 bank statements)? I understand they can also be put on the loan.

2) Since i would simply be using their cash and taking care of closing, rehab (w or w/o a contractor), property management, etc., what is a fair share of equity for them? This can also vary based on who takes on the loan (myself or all of us). 

All input is welcome. Thanks!