Looking for deal structuring advice!

[Jayson Edwards]

I have a friend that has expressed an interest in being a private money lender. Although not a significant amount, he has said he would be willing to lend up to $15,000 to get started in the first deal. 

I have my eyes on a house in the Kansas City area, solid B- area, blue collar, decent schools. I'd be looking to BRRR this property to hold as a rental. My friend simply wants a return on his money, does not want to be involved in the rehab, finding a tenant, the financing, etc. I have about $15,000 myself to use, however I ultimately want to use those funds to flip a property this winter.

Deal details:

Asking price on house - $30,000

Rehab - $10,000 to get it rental ready, judging by pictures

ARV - $75,000

My original idea was to take his $15,000, and pay him a 10% return on his money, interest only, until I completed the rehab, rented it, and refinanced his position out of the property. With his $15,000, and my $15,000 we could buy the house cash, but that depletes my funds for flipping this winter, and I currently do not have a source for the $10,000 in rehab.

This would be my first deal, and my lack of experience means I haven't done any creative deals yet. 

Any suggestions? Thanks!