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First, this needs to be dealt with as a business deal. He is banking on your abilities as a poker player to get an ROI. You need to go into the arrangement with the belief that you can provide ROI. If he thinks it is too much of a risk or if you think there is a high probability that you cannot make it, you two should not do a deal.

Since he is only putting up half it is completely unreasonable for him to expect 100% of the first $10K. The first $10K should be split 50/50 so you both recoup your investment. After that you can do 60/40 for him if you feel his $5K contribution is that vital (read: you cannot get in any other way).



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