Utilizing Private Money

[Jessica Singsavatdy]

Good Morning, 

I was wondering if anyone would be willing to share their experience and terms of private money loans. I recently had a family member interested in lending me private money, however having never gone this route before, we are quite lost on how to structure the terms of the loan, dollar amount, interest rates, repayment schedule etc. I know when utilizing private money, there is so much flexibility , what are the "standards"?