Meeting with a private lender tomorrow

[Walter Ciucevich]

Hello, Long time reader, first time poster. I have been reading bigger pockets for some time and have been going through my circle of influence to find private money. I am somewhat lucky in that I have a private lender willing to take my meeting and entertain the idea of doing business with me on fix and flip loans. My question is what are some of the typical agreements made between a private money lender and a flipper? Is it: - 10% flat interest on the amount borrowed - a certain interest rate plus a percentage of the profits? - A percentage of the profits without an interest-rate?