Documenting a Private Loan

[Sean Griffin]

I am financing a flip with private money from a family member.  This is the first time either of us have done this and we are not sure how to document the loan.  We are pretty sure we need a mortgage and promissory note.  Is this correct?

I will be taking one lump sum to close on the property and a few disbursements throughout the course of the rehab.  Is there a way to combine these into one loan and document it all with a single mortgage and promissory note?

Who would draw up the documents for such an agreement?  Is there a way we can do it ourselves, or should we hire a professional/