If you are providing sweat equity and your friends are funding 100% and taking the financial risk, 50/50 with some sort of preferred return on the investment is probably in line. 

Hi, after looking at all the diff types of real estate niches ive decided to focus on purchasing small multifamily units.

Preferably specializing in foreclosures, flips, etc.  

Any particular reason why you need or prefer a commercial loan vs. a residential loan? 

Right now I am working on building relationships and letting it be known that this is my desired niche’.  

I am a first-time investor and have plans to invest outside of the state; preferably with owner financing to start. 

Typical is 8-10% preferred return with a 70/30 profit split. 

I would prefer to lend at a slightly lower rate to an experienced and successful flipper with strong financials verses someone who just started out in real estate.

Although most investors have a preferred strategy and may try to sell it to others, me being no exception, once you analyse your options, 15 or 30, the choice should be obvious and 9 times in 10 the option to go with 15 or accelerated pay down has nothing to do with making money (the future being entirely unpredictable).

Good PMs prefer to work in nicer neighborhoods.