Isn't this a bad idea???

[Luke Carl]

Ive found a groove doing vacation rentals and a wealthy friend wants in. He's putting down payment and getting conventional loan for full amount. He wants to personally finance me half of everything (70k) on the side with interest (3.65% same as bank). I manage using my superhost account, keep it packed, handle every detail, he never visits the property. He wants the property paid off before we take a penny. He told me he plans to take a chunk of money from elsewhere soon and pay off his end (entire purchase price). He sent me my amortization schedule. I won't see a penny for close to 7 years and that's if nothing ever breaks. Is this terrible idea? Am I just signing myself up for 8 years worth of work to eventually make an extra $1000 per month while continuing to work from years 8 to X? Its a win win for him, he puts up initial cash and risk. Uses me and my system, my cleaning crews, my handymen, my superhost account which I've gotten from my hard work... he pays off the mortgage in a few months.... he's making 2k+ per month plus interest off of me right out of the gate. I don't see a dime for 8 years. Am I crazy or is this like going to Starbucks and then saying hey we'll pay you later if we get around to it. Bad idea? Please show me the light. I know I can't be choosy because I'm cash poor but shouldn't I just save for a few more months and get one of my own and pay interest to the bank on a 15 year loan? Thanks!