Have domain name, have hosting, need site built, any suggestions? Details Inside?

Okay so here is the deal, I have the domain name picked out, approiate with want i'm wanting to build, easy to remember, easy to spell, only two words.

I have the hosting purchased for 3 years, from where I built the site, and may or not be suitable for what i'm wanting to do, but sure that it will at least be effective to get started.

My problem is i'm not tech savvy, have no useable html skills aside from being able to break up a paragraph haha.

And i'm aware that this site will be a daunting task for a developer which translates into some serious dough coming out of my pocket, and I don't have "Serious" dough. It's not going to be a simple site, it'll be very comlex indeed.

Social Networking site, focused on music only, with downloading programs, ability to customize profiles, credit card acceptibility, multiple pages, ringtone, mp3 and other various things needed to start the page the way I want.

Any suggestions on how to get this started with a local developer?
My thought is as follows I have a meeting with a local web developer, who has told me over the phone that the average cost to build a good, effective site is generally around $3,000 and thats not getting into a very complex complex site, and sometimes sites can be wayyyy more than that.
I was wondering if it would be acceptable to extend 50/50 ownership into the site. When I know I already have "clients" if you will waiting for the site to be site, and know the site will kick off and be profitable. I already have proper licenses to do business in state, with other mandatory business issues attended to.
All of which i've paid for, or am willing to pay for if needs have not been met yet?
Am in process of making business go from sole propietorship to INC. For better business credit, along with other reasons.
The idea is put out on a 54 page business plan, that will be at the meeting with me.
Do you feel that it's really worth offering 50/50 of the sites revenue in return for developmen
Basically it would be me paying for all the business needs, from bank accounts, to cost of supplies, to legal documents, e.t.c.

Nothing out of cost to her, except of course her work, and she would be paid half of the sites net profit for the entire life of the site.

And in the event of a buyout of any sort, she would be paid half of the net of that as well. Basically a 50/50 partnership all the way through. She is the tech side of things, and i'm the marketing and sales part of it.

Will it work?

Is it worth it?

Any Ideas?