Buying a house with a good friend, both on the deed mortgage in my name

[Mike Shepard]

This will be my first time buying a house. My friend already owns a couple of homes which he fixes up and rents. We are both putting down 10% each for a total of 20% down payment. His proposal is that we go 50/50 on the house, down payment, repairs, expenses, profits, etc.

The loan will be in my name b/c his credit utilization with the two mortgages is up there. His name will be on the deed as well as mine.
He's found a 5 bedroom house that after minor repairs will cover our mortgage payment + $1200-$1400 net after we rent it out to tenets. I will be staying in one of the rooms rent free and he will be taking the remainder of the profit($600-$700)

His new proposal is for me to hold the deed to his house that he has 100% equity in...it's currently worth $170,000. I would get seller's right, tax write off for the mortgage, and a notarized promissory note outlining our agreement that he is responsible for 50% of the mortgage and will handle tenets and manage repairs. 

Is this a fair deal? Am I covered with the notarized promissory note? What are some better alternatives that would cover the both of us?