After you secure OPM / creative financing (verbally)... what next?

[Holly Ross]

Hi! I'm trying to figure out how to get into real estate at a low cost of entry (~$50k cash), and so I'm of course trying to learn about how to use OPM and other creative financing options. 

So far I've kind of got the general idea behind subto, wrap loans, lease to own. And I know OPM just means sourcing friends and family / within your network largely. 

But for as many podcasts as I read, books, etc. The one sort of obvious piece I'm missing is what do you do once you actually have these people on the hook? Say I was able to get 4 people in my network to commit an amount of money... at this point would I meet with an attorney and ask them to draw up paperwork? What type of paperwork am I even asking for? I'm just a little lost with what kind of legal binding is in place and how to get it set up. Also curious what a normal interest rate and turnaround time would be for OPM. 

I know these things are highly variable, but even just a rough example scenario would be helpful to wrap my head around it! Thanks so much to anyone who could weigh in or give pointers to connect the dots for me.