Private Lending: How to Safely Lend to Flippers

[Phil Vongsavang]

I've got a bit of cash I was going to put toward personally flipping homes in the next 12 months. But someone recently approached me asking if I'd be interested in helping to fund their flip project. I do trust this person and know first-hand that they're experienced so this isn't a question about vetting. What I'd like to better understand is how to structure lending in order to protect myself, both when a deal is successful and when something goes wrong. 

I'd love to hear from those who have been personally involved with private lending to hear about the successes and pitfalls I should look out for.