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No need to speculate, he seemed like a decent bloke giving it a go. I'm sure lessons have been learnt either way and there's at least a good chance he'll bounce back if what was posted was in fact true. Booming regional towns are a tough one, there's often lots of easy money to be made...

If you're bringing in someone to do the work and you're doing the funding typically you'd give up anything from 20 to 50% of profit, definitely not the bigger profit share. Even 50% is imo too high