Investment in rental - mortgage

[Tomer Zamosh]

Hi All,

I'm an investor , got an offer from a developer to invest together with the developer in rental single in FL.

Purchase price  : 80k

Rehab: 10k

Total investment: 90k

AVR : 120k

Rental: 1100$ per month

I will invest 60k , and the developer 30k.

I will get fixed income of 8.5% ( like debt , no matter, what is the actual income ) and in addition 50% of the capital gains when selling after 4 years.

The question is how to structure this legally. 

I'm a foreigner investor so the developer suggest that i will open LLC and will give a loan to his LLC ( which will hold the asset) and i will get a mortgage note , and for the capital gain allocation i will have another clause in the operating agreement.

What do think isn't it too risky , any better idea?