Private Lending - Note

[Jesse Houser]

Hi all,

I'm looking for a little help in how to structure a private note. Another investor and I are partnering on a flip and slipping the profits 50/50. My side of the funding is coming from my dad, who I will be splitting my half of the profit with when the flip is completed. The property is going to be in the other investor's LLC until the flip is sold. So a couple of questions.

1. How should we structure the note for the capital my dad is bringing to the deal?

2. Should it just be an unsecured promissory note (to me or the LLC?) or should he put it in place as a secured lean against the property?

And if anyone has any recommendations or a step by step process, I'd appreciate it. Or if there is another post discussing this topic, feel free to just point me towards it.

Thanks, everyone!