Development partnership questions

[Taylor Witt]

There are 30 acres that I own and I'm looking to potentially partner with a developer who's done it before.  I had a short conversation with a prominent developer today and will be meeting with them next week.  In our short conversation he said they could structure it as I bring the land, they bring in cash equal to the value of the land, then we take out a development loan, they take on a majority of the work, and we split the profits 50/50.

Does this sound like a fair offer in the development world?  What could I be missing?  Would it be expected that the developer pay off the remaining underlying loan that I owe on?  If not, would the developer and I split the costs on the remaining mortgage?  What should I be asking when we meet next week?