Ask YC: Would you partner with a domainer for your startup?

Let's say I have an offer from a domainer to use a very, very good domain (worth >1 million) to develop a site. The logic is, it's easier to sell a developed website than just a domain; we would share the profits. I already developed the technology; it would be almost plug and play.

The problem is, he controls the domain, so nothing would stop him from putting his own website full of ads or something once the traffic gets high, leaving me with nothing. It's an issue of trust mainly - I'm not really familiar with contracts and stuff like that.

The startup would require about 5000 USD per month of fixed costs, so it would require VC capital. Do you think this kind of partnership would be seen as problematic for getting VC funding?

Thanks for your help :)