Management fees for land investing

[Tarang Patel]

Hi, 

A group of my colleagues and I have been presented with the opportunity to buy a good sized parcel of raw land in AZ. The agent has put this group together, but is not putting money into the deal. He is asking for 2% annual management fee and 25% of the profits over 8% annualized return. Is this a standard arrangement for land investment deals? Seems like a hedge fund type of arrangement. 

Thanks for any input.