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. 

So I simply said "Here are the names and phone numbers of two local plumbers who have outstanding reviews from customers.

Preferably specializing in foreclosures, flips, etc.  

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

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. 

Seems long to me, but each area has it's own customs.

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.

Installed custom baseboard. 

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).