Fix and Flip Structure

[James Krell]

I am looking to purchase a property near me that is up for Auction. I won the bid at 260k and the ARV is $365,000. I have a hard money lender that will loan 210k with 2 points and 12% interest to purchase the property. My question is what is the best way the raise the remaining money? The house was built in 2004 and is a very cosmetic flip needing only landscaping, paint, carpet and a deep cleaning. Total cost between 10k-15k. Houses like this sell fast and at list price.

I only have one flip under my belt, but have been a realtor for a few years and have tons of connections with vendors and contractors to get this done quick and cheap. I have called a few other Hard Money guys and they won't lend due to limited experience and the whole Corona thing. I do have excellent credit and income and have a little cash myself.

How do you suggest I structure the terms for private investors? Example: my neighbor invests 25k. What is a good deal for everyone?