Partnering with a general contractor to build a spec home on my land

[Stanley Blackman]

I own an acre of land that is ready to be built on in a community of homes in the $1,000,000 range.  I have been talking to a contractor about entering into a partnership to build a new 3000 sq. ft. custom home on my lot.  He would pay the total build cost of the house and I would contribute my land at the amount of $120,000.  All contributions would be reclaimed at COE and the balance of shall be split 50/50.  All fees, interests, closing costs, interest will all be paid prior to the equity split.  His goal is to build under $800,000 and sell for $1 million plus.  Does this seem like a sound strategy?  What risks am I taking versus just selling the land outright?  I am in my late 70's, married and in sound financial shape.  My land is totally paid off.  Borrowing money from a bank for the whole project is not feasible.