Are these financing terms reasonable or not?

[Account Closed]

I have a private investor for my first flip and thought we had an understanding of the terms which were 10% interest per year and 10% of the profits for the investor. As we get closer and I presented him with a promissory note, he says that there's a misunderstanding in the terms. He said it was 10% interest per year but also 10% of the note, which was to be $80,000. That means he gets $8,000 right off the bat no matter how long the term is. That was not my understanding at all but now my question is: are those terms reasonable? I have my own thoughts on this but I would like other opinions on it. Here's how the deal was to work, he invests $80,000, I put down $12,300 & pay for all the rehab (approx $15,000 but could be more, there's a few unknowns yet) plus do the work. Any thoughts?