New to Investing/ Loans?

[Bianca Schutt]

Hello! I am new to real estate investing but I watched my parent invest in a couple of properties in the past. I am looking at lots of land to build on and sell. I found a couple in my price range, but I don't know if I should get a loan or maybe borrow money from my parents. If I borrow money from someone directly what is the proper way of doing that? It is a lot of money so I imagine there should be a contract of some sort. 

Any help would be appreciated! Thank you!