Private lending- single investor: legal issues?

[Mark Schmidt]

Hi, I have been following the BiggerPockets forum for months. It has been such a great resource! My two partners and I recently caught interest of an investor (family friend) who may be willing to put up a significant amount of capital. I am not looking to pool this money with any other funds (at this time at least). We are simply planning to use his money as bridge financing initially then convert to long term financing or sell property. 1) Bridge: higher interest 2a) Hold/long term: lower interest 2b) Sell: profit share My two partners and I are doing business through an LLC. How would we best navigate the legal waters of taking on such private capital? This doesn’t have to be official advice- a general steering in the right direction would be great. I’ve investigated joint ventures through a new LLC that includes the investor as a managing member as well as PPM/private equity funds - but that seems overkill for the intended target. Thanks!