How do you legally structure angel funds from friends and family?

[Jeff Rice]

Trying to fund my first investment property via friends and family.

I don't currently have an LLC as it is harder to get a biz loan than a personal loan considering I have no biz history of successful investments. I'm wondering if I should structure my incoming angel investments as loans, partners/cosigners, or something I'm not considering.

My plan is to pay back different %'s on their initial investment depending on how much coverage I provide them. Aka. I will guarantee some or all of their investment for lesser payout of the earnings on the flip. I'm not liquid, so my guarantee on their investment would have to be liquidated and paid out if my flip flops. That is why I would prefer to fund this project via friends and family than out of pocket.

I know I don't have to guarantee any of their initial investment but I figured it would lower the barriers to entry for my friends/family.

How should I go about legally/financially structuring my relationships with these investors/loans?

Any help would be appreciated!