Actually that's a pretty good deal. The owner will regret giving 50% in time. 40-45% is about the max I have ever given and that is a great deal as in reality your 50% is of the gross income. Out of their 50% they have to pay the rent, all the utility bills, insurance, marketing, equipment etc etc etc. SO they might be getting 20-25% and you 50% of the profit. This means you are really getting about 67%

I'd take it