How do you structure your "family/friend" loans?

[Liam Morris]

What are some of the different ways that you have structured angel investment agreements when working with friends or family who are willing to invest in your project?

I have an opportunity for $70k purchase, $25-30k reno budget, ARV $135-150k. We can pull it off on our own with an FHA/203k loan, but would prefer to just get in and out and not make it a primary residence for a year.

We can relatively easily come up with $50k cash by leveraging credit and our savings, however, I'd like to approach a couple different people who have always said "let me know if you ever pull the trigger on a project" for the other $50k.

I know that a deal can be structured in a million ways, but I'm interested to hear your success stories.  Obviously, if we don't have to, we'd prefer not to give away percentage of profit.  Especially because we will be doing the labor/project management.  And if we are paying high interest to the angel, they're really no better than hard money and I'd rather not risk the relationship.

Interested to hear your success stories and innovative ways to possibly structure and propose a deal.