Private money loan from parents for a fix and flip

[Will Kilby]

I posted about structuring a partner deal with my parents a couple weeks ago, and I think we've decided on a private money loan, so I'm just trying to figure out the best way to get started so I can be ready to write offers.

My parents are seasoned investors and have agreed to a private money loan via their HELOC. What would be the best way to get started on this, just visit a real estate attorney? I want to have everything set in stone before I start seriously looking for homes of course. This would be for a fix and flip - would this affect my ability to get a mortgage before I sell the flip? I'll be looking for a new primary home sometime this year and renting my current home out, and I'm not sure if I'll be able to unload the flip before I start the process. They are willing to finance the purchase + rehab and I will manage the deal, then pay off the loan in full once the house is sold.