First prospective wholesale deal in LA. Would love advice!

[Kaivan Entezarmahdi]

Hi,

I have just recently got into real estate, purchasing my first home last month. I still have some cash in the bank and am looking to invest it. I have a friend who has been wholesaling and flipping, and I asked him to let me know if he comes across any deals that we could partner on. He has come across a potential wholesale deal in Los Angeles, but has no cash. He is asking that I put up the earnest money and he will write the contract in my name with a 10 day contingency period. The earnest money would be $60,000. He hasn't gone into all of the details of the deal yet, but basically I would put up the earnest money, the contract would be in my name, he will do all of the work to wholesale it, and I will get 25% of the earnings once he sells the contract (he anticipates selling it for $100-150k). 

It seems to me that I am not really at risk, because the contract will be in my name only and we will have a 10-day contingency period at which point I can back out and get my earnest money back. Does anyone see any risk that I am not seeing? It seems like if it's a bad deal, then all I lose is the ability to use the $60k for 10 days, but if it's a good deal, then I stand to make a lot of money in a short period of time. 

I would appreciate any feedback, as this is my first deal in RE outside of buying my own home and I'm eager to get my feet wet. 

Thanks,

Kaivan