Need Help structuring a deal.

[Mike Church]

Ok, need help with this deal. I am an agent who has a multifamily under contract with and mother and son. The mother is going to back out and thus leaving the son. The son is on the other side of the country and doesn't know this market. My thought for partnership is having him get the loan and put the 25 % down and then I would pay for all the rehab costs and then we would sell it and split the profits. 

cost of multifamily is 166,000, He would put down 25%. I would put 25-30 k into rehab. I would do the work for $40 per hour and split that cost between us. Then when we sell in the spring split it 65% 35% with the Higher % going to him. 

The reason I am not on the loan is that I have only have been self-employed for less than two years. 

Do you think this is a fair deal to both parties?