Contract/terms for getting financing from friends and family

[Ryan Vienneau]

I'm a long time reader but first time poster to BP, I can usually find answers to any question by searching the forums but I can't find an answer to this one:

So, I managed to convince a few family and friends to invest in me to do my first flip, and my pitch to them was similar to hard money terms, 10% interest-only for up to 12 months paid monthly.  How do I write up these docs so that they are legal, binding, and irs compliant?  My intent is not to protect me as much as it is to protect my investors, and in so doing they will see my venture is professional and accountable and will be encouraged to refer additional investors.  Are there templates or examples of the necessary paperwork out there?  Do I need to have them drawn up by a lawyer (ugh)?  Is there software that can do it?  I got the investors to say "yes" which I'm pretty sure is usually the hard part, now I need to know how to make it happen on paper.

Any suggestions?  Thanks!!!