Need quick advice on structuring a JV

[Vincent Priore]

I have the opportunity to JV on a deal that is about to close and need some quick advice. A local rehabber is about to close on a property using a hard money loan and had a private investor lined up to provide the necessary cash required. That lender backed out at the 11th hour and he is desperate and offering a great ROI on the cash. I've reviewed the deal, punch list and comps and like it a lot. Of course, my attorney is on vacation and I'm having trouble reaching him. I believe I need to get a loan and security agreement, note and personal guarantee. I can't take a 1st position lien due to the hard money loan, anything else I need to know before pulling the trigger?