Funding a deal with a relative's money
Hello BP!
So there is a small multifamily that I'm analyzing and I don't want to get a bank or a hard money lender involved. The banks take to long and the HML charge a lot. Plus, I want to learn how to raise private money. My wife's aunt has money and is interested in investing with me. She isn't a credited investor or anything fancy like that but can fork up $50K. How can I get her in the deal and then pay her off once the project is over? Is it as easy as having a partnership agreement for the project that dissolves once I sell or refi and pay her off? Or can she just give me the money (wired to my account)? What if I have two people that want to invest with me. What then?
Thanks in advance for helping me with this.