1. Do you trust them in the "If I died they would make sure that my family was taken care of" way?
2. Are the executing right now even without technical talent?
3. Do they have a track record in the industry they are about to try to enter?
That's it.
Now the red flags:
Do you really want to work with *two* idea guys?
Do you really want to work with two people who think
4 or 5 hours a week is going to get a solid app built?
Do you really want to work with two people who believe
that high pressure is a good way to establish a long term
business partnership?
Go with your gut. This won't be your last offer to work on someone else's idea. Don't get sucked into the idea of owning a company. Particularly when you don't have a controlling interest and there is an aggregate controlling interest that sees you as providing commodity value.Good luck.