How to be a hard money lender

[Tricia Watts]

I have some money in an ira that I want to use to invest. I was thinking about being a hard money lender with a friend. There’s a house that we want to go in on for 80k. I would fund 50% of it at 40k. The rent is about $800. She would be buying it to invest also. What kinds of terms would be fair? This is my first rodeo as a hard money lender