Private Money Lending Paperwork Help! Last thing I need for my first BRRR!

[Jose Vasquez Dickson]

Hey BP! Need some help! I'm soo close to my first BRRRR!

I've been able to pitch to a private money lender successfully like 2 weeks ago and with that I'll have enough capital to do my first and many more BRRRR deals! So, can someone help me with the following:

- If I use a HML to give me 75% of the purchase and 100% of the rehab and I use a PML for the remaining 25% of the purchase, what documents would I use to protect him and to make the PML feel protected? Would it be a deed of trust but in second position (not first because first would be for the HML), a promissory note, a beneficiary on the insurance, and a personal guarantee?

Something else that I was wondering about as I keep growing my PML list is the following:

- How can I structure a deal to have multiple PMLs for 100% of the purchase and rehab for a SFH deal instead of using just one PML? Who would get the the first position lien on the property?

Thank you!