Don't do it. You won't own or control shit, and you'll have too many people trying to tell you how to run your business. Very bad idea.
I have used investors in the past, and I always have an attorney draw up a VERY specific contract that informs them that they are SILENT partners. If you can do it through a bank it would be best. If you do it with partners make sure that you have a solid buy-out plan in place in case you need to dump them.
Not meaning to sound callous here, but they are generally well-off from having made some decent business decisions in their lives... They aren't just giving the money away. They want to make some more money. Gyms are very high-risk, so you really do have to romance someone into investing. You will need an "angel investor," but just make sure that you don't get in a rush and sign away rights to your business. Your agreement needs to show them an ROI that will make them consider taking the risk.
Do you have equity in anything that you can borrow against? One way to get more than your borrowing power will allow on its own is to use the SBA. They will guarantee 85% of your loan if a bank (preferred lender) likes your venture, and then all you have to come up with is equity on 15% of what you want to borrow.
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