Funding Flip with Family loan

[Carlton B.]

Securing hard money loans for flips has become more and more expensive. So I'm exploring the option of involving family members as investors in my next flip, borrowing funds from them at a 10% interest rate, resulting in approximately $1,000 monthly payments.

To simplify this arrangement, we are contemplating the creation of an LLC that includes the lenders. Should we establish a dedicated LLC bank account for managing funds and property matters? Additionally, what's the best approach for disbursing funds and handling tax-related matters? Do I have this approach wrong is there a better way? A step-by-step guide would be immensely helpful. Thank you in advance for advise.