Multi Person Flip Partnership

[Lawrence Rutkowski]

Hello, 

I have several friends in my network that are interested in investing in a flip with me.  None of them have enough available funds to cover acquisition and repairs by themselves, but by utilizing all 3's resources we could. How would you recommend structuring a partnership where they lend the money, and I handle the acquisition, rehab and sale? (I'm licensed)

On the other hand, how would you structure a deal where I partner with one or two, use my money for the repairs in addition to my sweat equity?  

Would you just pay them all a % on top of their respective money? What would you back each's loan with? Can you split a 1st lien 3 ways?

Thanks.