Disclosures/Legality of Receiving Private Funds from Friends and Family

[Jim J.]

Hi everyone, 

I was hoping you may be able to get me pointed in the right direction. I recently received a lead from a family friend on a house to buy and flip. The deal looks very attractive. I have discussed this opportunity with a few people I know (a couple close friends and my father) and they have expressed interest in loaning me the capitol. I am just starting to discuss what kind of returns they would be looking for but have no idea where to start from a legal perspective. I sent a few emails to local real estate lawyers this afternoon but have yet to hear back. 

Does anybody have experience with this? I assume I will need to provide them with disclosures, but don't know what they would have to say. What SEC rules apply. Any help would be much appreciated. THANKS!

FYI - I live in California if the laws vary by state