Best Structure for a JV arrangement for fix and flip?

[Jesse Blaine]

We have several investors interested in doing a JV fix and flip with our team. These would be simple one off projects and so it doesn't seem like the right project to form a complete LLC with operating agreement as we would for a larger project.

With the arrangement, they provide the funds we source, manage, and dispose of the asset. We can have them sign a JV agreement, but wanted to know if there was another way to help secure their money that you all have used.

We thought about putting them on title directly with us, but didn't know if that affect how we could get financing from a hard money lender or bank.

We could, (I guess??) record a second mortgage in their name with the closing company, but again might affect our ability to get financing.  

The other thought would be a profit share promissory note.  

Any thoughts//experiences?

**I'm not asking for legal advice, more of what you've done in the past.  We will consult a lawyer before finishing.