Private Money Terms for Purchase of Property under contract

[A.R. Coningsby]

I recently found an off market SFH that I have under contract. I will be needing private money for the deal which i can secure via family member and they would like to be 50/50 partners. I however, am looking for some thing more beneficial to me as I found the deal, costed everything out, and have extensive leg work in order to finally get it under contract.

It would be a 48K purchase price with about 20 -25k in rehab materials needed, then about 85k ARV. I will be doing every bit of rehab along with everything else involved. The family member who agreed to lend me the rehab money and purchase money lives across the country and will be only be contributing financially.

Is there a better agreement that will work better in my favor, considering I have done and will continue to do all the sweat equity? any examples would be very appreciated.