Do I need a lawyer if I’m using private money?

[Emily Wilson Litzinger]

Hi BP,

I own 2 rentals (one outright, the second is mortgaged) and am looking to buy two more this year. I found 2 great deals but I’m going to use private money from a friend.

Do I need a lawyer to write up the terms? Or can we just do I own thing? And is 8% a good return for her? And if we can just do the deal by ourselves, can she just wire me the cash and then I can just transfer it back to her after I refi?

Thank you friends