How to structure a flip with other investors

[Donald Brinkley]

I visited a SFH this weekend that I think would make a good flip (still doing my diligence to ensure). Assuming that all works out though, I know I can’t swing the funds for a down payment, rehab costs, etc. myself with other things going on. I happen to mention the deal and lack of funds in passing this evening to friends and two individuals I know said they would be interested in investing. Both essentially ended the short conversation with “let me know what you’re thinking.” I’m unclear how much either party could bring to the table, but they are both individuals who wouldn’t go into REI on their own. But while I have experience rehabbing, renting properties and dealing with contractors (so I have that going), I have zero experience with having other investors onboard (clearly something they didn’t realize). So I don’t miss a good opportunity, and understanding that an agreement could be written an infinite number of ways, can anyone provide any advice on how to structure an agreement? Some basic frameworks to model for a starting place? What I should be looking to do? Mistakes I should be sure to avoid? Thanks!