New investor seeking advice

[Billy West]

So I'm a long time listener and reader of bigger pockets. I recently contacted a man (Steve) who is experienced in residential flips as well as commerical (hotels).

I recently met with him and toured the hotel they are renovating and talked about possible future partnership for investing. I really liked what I have heard from Steve, he mentions a lot of points and lessons I have heard from some successful flippers on the bigger pockets podcasts. However, I don't know this man and don't know anyone that can vouche for him or his business. This is one of my main concerns that makes me nervous with the deal. 

Well, I went and saw this home that he is under contract to purchase once/if I sign the investors agreement that Steve's attorneys have drawn up. However, I am very concerned as the only thing I have to go on is what Steve is telling me. I have no proof of what he is saying to back up his track record that he talks about.

So I decided to come here to see if I can get any good input, advice and or thoughts on this matter.

The house is selling for 201,000. Steve says the renovation cost is around 100,000. Expected profit according to Steve is 100,000. Steve is asking for 25,000 cash in addition to my credit for the hard money loan. And the agreement states a 10% return on the 25,000 amortized over 1 year and a 70/30 split of the profits (30% to me). When I ask how I am protected in this venture, Steve says I will be placed on the deed so the house will not be able to sell unless I sign as well.  

When I look the house up online I see that it was foreclosed back in 2016. The house is on a corner lot and the seller purchased the home to renovate for his mother to live in but started to take too long and it was straining his marriage so his mom moved out of state and he is selling to save his marriage. A lot of the house has been worked on, has new windows and all the stone he had purchased and is included in the sale. I obviously am inexperienced but I really believe in this home and Steve's plan/vision for the property just would like some advice from people that have been there before.

I apologize if more information would be helpful, and I'm willing to provide any additional information that would help anyone give me advice on what all I should do in this deal or even if I should do the deal at all. What sort of questions should I ask Steve? Everything he says and his operation looks legit I just don't know how to get that verified (not knowing him or anyone that can vouch for him). Any advice would be greatly appreciated. Sorry for the terrible formatting, I'm typing this from my phone