Need some advice re: Fix/Flip Fund?

[Liz Faircloth]

Hi All, 

Happy New Year! We are looking to raise a fund for fix and flip deals in Philadelphia. Our goal is to do 15 fix and flips this year. In the past, we have raised funds specifically for buy and hold / multifamily properties (and have offered a % of equity not a preferred return). 

We are thinking of offering both a guaranteed interest rate and preferred return to our investors but want to ensure we are creating the best win-win for both the investors and us. Has anyone put a fund together that is specifically focused on Fixing and Flipping? Have you given the investors % of equity and/or preferred return? How did you protect yourself since there is not a defined ending (like a refinance situation with multifamily). 

Thanks for any ideas and/or input!

Liz Faircloth