Thanks Thomas. Yes, I think it's fine interest + 50% ownership.
My concern however is the little money that this guy is putting into the JV. It's only about 32% of purchase price of the land good only to pay for closing costs roughly. Net money would not be sufficient to pay for project's initial operating costs eg. rezoning, grading, topographic survey, etc. The additional money would come from another investors who would ask for a cut in % ownership as well. At the end there is little % ownership left for the expert. How do you guys solve this situation?