A big issue that caught my attention was when he first promoted his JV he was seeking investors of course, and as such, gave out these crazy figures for returns. The supposed business model was tied into insurance offers via cpa networks. Even the title of his JV talks about it being CPA based. Then once I brought up the TCPA and FCC regulations and possible violations encompassed therein, we finally started having a discussion regarding the legalities of the JV since it would fall within the definition of being a "commerical solicitation."
Then the tone of the business model went anyway from CPA and/or insurance related offers to simply business-to-business calls which focused on selling Google Places as the primary rev stream. In addition, this new primary revenue stream is now more of a "we don't know how much" and "we don't know when."
If I was an investor, I would A: want my money back or at the very least B: I would want a complete understanding of why OP so easily changed up the entire business model on the spot once we started talking about the legalities involved. Changing the model's main rev. stream so easily and quickly lends me to believe that this was never a real business venture to begin with. He was adamant about the CPA side of it in the beginning and now by his own words, is adamant about it being just Google Places services in order to overcome the "legalities" aspect of it.
Think about it people, you invested thousands of dollars on the promise that you would get xxxx in return per day. Now this JV is at a point where the OP is saying, "don't know when and don't know how much" and has completely changed the business model away from CPA/commerical solicitation to b2b calls selling Google Places. I, for one, would be questioning this harder.