(NC) Legal structure for other investors to buy in/out of flips?

[James Andrews]

I'm looking to make my first cash buy in my BRRRR journey. I'm intending to raise capital from other investors, make a cash buy, refurbish the house, and then do a cash-out refi. The investors would be cashed out at the time of the refi, with a pre-defined ROI that's based on ARV, costs, etc. I'd then continue to own the property as a rental.

What I can't figure out is how to let folks "buy in" and "buy out" of individual properties, while I "buy and hold". 

Can I do this as a sole proprietor, and structure their investments as "loans" with repayment terms that depend on ROI?

Or can I set up an LLC, and let them buy in as members but retain a strict option of buying them back out?

Thanks in advance,

James