Bought our first deal. Now what?

[Andrew McLain]

I just bought my first deal in KC. It was listed at 170k, I bought it for 100k cash. We think it will take 100k in repairs over 4 months and will sale for 275k. Will be partnering with a buddy to do the rehab whom will eventually be my business partner doing flips and buy/hold. We are interested in learning what the process would look like to find private money from friends and family to do the repairs in lieu of tapping 401k and a HELOC. We don't have our business set up yet so we are assuming we can only get less than 14k from each person as a gift to stay within IRS guidelines. Can we source money from multiple people and provide some sort of document, lien or collateral to ensure a return on their investment? We were assuming offering 10% return for the 4 months of construction. Any advice would help. Thanks, Andrew McLain