Need advice if this a good partnership/deal on an appliance repair business

Hello everyone! I have a big decision to make and am in need of advice.

I was recently at an awesome business conference and in my row I met a guy that was also a young and ambitious entrepreneur like myself. We are both in our 20's and started connecting and went out for lunch together and talked for a couple hours about our different businesses. My short story is I flipped cars in high school, got my real estate license when I was 18, and have closed a bunch of deals as a realtor along with purchasing my first investment property 6 months ago and I have some very big goals. The guy I met is pretty far ahead of me and I really admire his HUGE goals. He is in high net worth wealth management, private jets sales, and with the help of a couple of his mentors started an appliance repair company where he lives. I can tell with how many people he knew at the conference that he is very advanced and knows his stuff.

He is only about 7 months into his appliance repair company, and has 3 technicians and 1 operator. It is just now about stabilized and is producing ~90k in revenue per month and 30K EBITDA. He told me the reason he was able to scale and stabilize quickly is because both his mentors run multiple 7-8 figure home service/appliance repair companies and so they took all the same systems, marketing strategy, etc. and just plugged and played.

When we were sitting down to talk, he pitched me on starting up another location of the appliance repair company where I live (5 states away). He explained that the deal would be we'd do a 60/40 split of the company, the startup cost would be approximately 20-30k, on top of me paying him a 100k "consulting/franchise fee" to basically take all of the same systems and strategies and plug and play for the location where I live. He said that if the business did not reach 1M in annual revenue in 18 months, he would personally guarantee the 100k fee. He would fly up his best technician and operator to train the ones I hire in my location. I would also have direct access to his 2 mentors and their top techs and managers. I asked him with the details of our agreement, did he do that same structure with his 2 mentors in which he said yes.

The main reason I want to do it with him is because I can tell based on his network, and what everybody I met says about him, he is a trustworthy and highly ambitious guy that understands the game. I want to be in his circle and be partners with him. We are both strong Christians and he invited me to his church and I met a bunch of people there that all know him well and talk about him highly. We also went to another conference a couple weeks later together in which he paid for my ticket. It is a risk for me because 100k is about all I have available in cash right now. But I’m a big risk taker and I’ve decided I want to be in the home service space. I also have a mentor I met about 6 months ago who just happens to own 3 7 figure HVAC install businesses and has been in the home service industry for 30+ years, so I am talking with him tomorrow about the opportunity. In 3 days, we are going to be having a zoom call between me and the guy, my mentor and his 2 mentors to discuss everything.

My main questions are: Has anyone heard of a structure like this before? What are my blind spots here? My other obvious thoughts are would I be better off doing this with someone else? Or by myself? I think I have what it takes to do it by myself but realistically it would take much longer. Just trying to get some outside opinions! There are also some less significant details we discussed but leaving them out since it is already a long post. 

Thanks so much!