I am planning on joining a startup as a cofounder. Founder mostly has sales and marketing skills. I am joining as COO and will be focusing on fundraising, operations and growing the company. We don't know each other at all and not surprisingly, we both are cautious. 
The founder started it a year ago, has launched a basic product, and has had some revenue. Founder wants to get cofounders to start fundraising and needs complementary skills. Founder was proposing 5-10% equity after working together for a few months. 
I was going to propose the following terms for a letter of Intent. 
1) 1% equity for first 2 months (if either of us decide to not work together before end of 2 months, founder doesn't need to give me anything).
2) Renegotiation of equity and rewrite of LOI after 2 months including setting up vesting for all co-founders (including founder). 
Is this fair? Right now, as a consultant I make about $1000/day which I would be giving up to join startup full time and would be taking on costs of moving to SF and living there (will be important for networking for fundraising). Is there anything I can do to protect myself and not waste my time while still being fair (eg. ask for consultant rate of $x/day after funds are raised if founder doesn't want me as cofounder)? Anything else I can do to protect both parties in this situation where we don't know each other well?