Need advise: taking over operations of another studio

Hi, need advise from your experience on this scenario,
I am registered as an LLC and primarily work on location.
A couple of weeks back a company running a large kids entertainment area plus nursery got in touch with me inquiring if I would be interested in taking over their studio.
Within their premises they have set up a small studio 500SQFT. Its right in front so photo clients don't need to go through the whole center.
The place is only 4-5 months old, reason being is the owner does not know much of the photography business and were primarily thing of using it to cross sell to their clients.

I have seen place, it has potential as its in a mall and has footfall with a very large display to the mall. I am thinking of going for it but have some reservations.

If I take over this place it will probably be under some sort of agreement that I give them a share of revenue or profit rather than buying it out as I don't have that much money.

I will be routing my business through it so that means i will be running the place like my own so I need to protect myself in a way that my intellectual property is secure and once the place starts doing profit they don't do a coup.

Right now they don't have much business

What sort of arrangement would be better in this regards, is it better to get a lawyer? What kind of percentage is recommended; 80-20 / 60-40

This is what they have now:
1 Tog, 1 Admin, 3 Elinchrom RX500, an octa, some gear, they have a white wall and a black one one sofa an lcd, very large glass display towards the mall.

If I take over, I will bring my gear and my systems for processing and proofing.
so basically they provide space and maybe the staff would stay.

here is a link to that place http://www.kvphoto.ae

recently they have advertised as well, so there is some desperation
http://dubai.dubizzle.​com …pZGdldD0xJmlzX3​NlYXJjaD0x

Does you current company own the IP on your photos or do you own it and license the use to your company?

1. Keep/use your existing company and all IP is held by you/the company.
2. Lease the space from them.
3. Do promotions with them. Customers who pay for their service get a voucher for X% off a photo-shoot and they get 20% of (only) those photo-shoots.*
4. You continue to bring in new/existing clients of your own. The nursery don't get any of that (or if they insist then a drastically reduced amount, such as 5%).

If you do it as your current company simply leasing the space (and doing promotions) then you avoid any issues re intellectual property. Likewise, by using your current company name and goodwill accrues to you and not the nursery. If you later part ways and move out your name/goodwill go with you.

I would certainly suggest paying a lawyer who is experienced in property law/leases. You need to be very careful/clear about what the landlord is responsible for and what you are responsible for. Many business tenants get nasty shocks when it turns out they signed a lease making them responsible for all manner of expensive renovations - not fun.

* The client must present the voucher with the receipt from the nursery attached. This means you are only paying them for clients that they have actually worked to attract - and they can't just generate an easy 20% by giving vouchers to all their friends.

Thanks Dan, I agree with you it does make sense as practically for them it not much business except for cross sell from events and some foot fall.
I am meeting their studio staff tomorrow in order to understand what happening so far.
Sub Lease option seems to be the way forward.