A couple of things peaked my interest here...

If you have such a dim view of this guy, yet still chose to do business with him...you will get what's coming.

If you can't trust him with regards to the equipment, what makes you think that you can trust him through harvest and dividing the spoils? Will he be sneaking a bud on occation, leaving you nothing?

What does his freaked-out mom think?

I'd divide everything, and avoid the guy in the future. If he has nothing but scammer written actross his forehead, does yours say 'sucker'?