I hope it's not too late to invoke the partner aspect, it allows you to be a lot more demanding in terms of your due diligence, and it allows you to not be the bad guy if you have to turn them down ("I wish I could have helped you but my partner said no and we can't invest any of our money unless we both approve the investment").To your original question, IF you decided to make a loan like this, I would see three options:Unsecured personal loan (weakest/worst/don't do it option)Secured loan - they buy property and you are the lender secured by a mortgage on property (better)Rent-to-own - you buy property and they rent from you with an option to buy (questionable esp w/ family, may be tricky or illegal depending on how structured, etc. and see next point re: owner-occupied)However another aspect is that since this would be an owner-occupied property, there are a ton of consumer protection laws (Dodd-Frank) that apply.

Flipping PropertiesIf the primary objective of your real estate business, or one of your real estate businesses, is to buy, potentially fix up an existing property and resell it within one year, the Internal Revenue Service can consider that to be an active trade or business.

Also, try to get to know the area as best you can - it makes a big difference when looking at properties when you are used to the home values in the area  - Another key piece of advice that wish I had when I first started out was to start networking with other investors as soon as possible - not just online - but in real life - sit down and have lunch - maybe offer to take them out for coffee and pick their brain - you would be surprised how much you can pick up on in a casual conversation with someone who does this for a living  - the insight simply unbeatable.

If I brought to you a property that you have identified as a property on which you like to make loans, in terms of price and type, and with a borrower that you would consider qualified, what would be an interest rates and terms one might expect?

I'm thinking subject to could be an option when the agent gets back in town and is ready to finally move things along.

I might not be an REI but it does not mean I'm not interested in the real-estate world.

While a Coldwell Banker or big name will give you 50%, but hold your hand the whole transaction.If you want to be an employee look at Redfin, they have a great model. 

The cost of the option would be an amount to cover you if they back down (example: $10,000 or 10% of the expected final price). 

Might be an option if you are not satisfied . 

Need more coffee.