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I know people that do deals like that with models, but I will tell you that I tried it once and after the gal flaked out on me a month later (after the site was up and the money spent), I decided that I had learned my lesson. Also, the problem is that a good chunk of the models are not business people at heart, and feel that they are doing you a favor by showing up. So they harrass you when things aren't they way they want them, and to be tied to them in a long term deal is not something I want to have to deal with.
IF I found a model that was truly professional, and had a clue, I might do a co-op deal, but it isn't likely. Models are just too flaky on the whole.
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