1) Is this agreement verbal or on paper ?

2) If you can do the technical bits then do it by yourself. Then once you have it all finished you will be the one the VCs will be chasing.

3) I don't know anybody who does consulting/freelancing in the IT industry. You are either a permanent employee or a contractor. You want to get a contracting position where you are doing something low level e.g. fixing bugs or testing websites. That way you will earn tonnes of money and not be stressed from work. Anybody can get into contracting.