CONTRACTS WHEN SEEKING OUTSIDE MONEY FOR FLIPS?

[Natali F.]

Hello All! I need your advice/help! 

I have completed several flips with my own money and the help of hard money lenders, however, I am now going to be accepting money from a couple acquaintances who have money they would would like to give me in order to partner on a deal with me. They would act as silent investors and not be involved in the actual work but in it for the profits after the sale of the property. Since this is my first time doing this I want to do it correctly. I will still be using my hard money lenders and it will all be done through my company's LLC and bank account.

My questions are 

- Do I have a real estate attorney draw up a contract for them and myself? 

- Do they give me the cash that would be needed (down payment) and do I keep that in my business account as POF for my lender?

- What is a fair split of profits? Is 50/50 normal or too high?