Short term funding partnership

[Account Closed]

Hello everybody.

We're relatively new here this is my first post.   

We put an offer in recently on a small duplex.  We don't know yet if it's excepted but i am feeling hopeful.  Its a cash offer, using mostly our money and funding the rest with a family member.  The offer i made to them is to be partners on the house for 2 years.  They are putting up less than half the purchase price and i offered 12% return per annum and the initial investment returned at the 2 year mark.  The return seems a little high but people work hard for their money and if it makes the deal happen then its justified to me.  

Has anyone else done a deal like this? This is in its infancy at the moment but i know the future is going to have lawyers and cpa's involved to insure everyones interests.   

Any info and advice greatly appreciated.