Disclaimer: I'm a project manager, we operate on Rev Share, and I'm a jack of all trades, master of none.
Some things I think that can help is:
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Determine if there is a clear vision for the future with the project/company.
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Figure out if the leaser is treating this studio like a business.
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Has there been proper paperwork, documentation, or contracts during the course of development?
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If communication is not there, the project will fail.
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If one person is not contributing, that person becomes the weak link...
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...if the weak link is the leader the project will fail.
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If the lead doesn't treat you with respect, the project will fail.
95% of all rev share projects fail within the first 6 months. 4% will fail to launch out of production. 0.9% will launch and then fail. And only 0.1% will be successful. That's the odds any indie developer deals with, and they suck. We do this for two reasons: 1) we believe in what we're doing and have passion in it, and 2) we hope to make this into a career. If these are your goals, I'm sorry to say, but I think you're in the wrong place right now.
Hope my limited knowledge and insights helped!