Yeah, but it doesn't work that way on the buy-side. There's an implicit figure involved ($5MM minimum allocation) as Robert stated as you're meeting your draw at $800K above your starting figure. It's a sunk-cost for them. You cannot ask people to move to a new city and carry the risk. The principals aren't AirBNB... you're responsible for feeding yourself, shelter, etc.
It depends on the strategy. You can trade anything that's liquid, other than FX. No net-short tails or anything like that, but the swaps trader has a $300K daily variance. You're going to hear from one of the principals if you're down 5%. Risk is capped to 12%. The only thing they will balk at is babysitting shit. Any strategy that trades by appointment... requires an edge on microstructure, etc. This is not a high-frequency shop and no MMing models. IOW, only strategies that are marketable (lifting offers). Obviously you're going to trade inside NBBO, of course.
That's an incredibly generous offer. You might be fishing in the wrong pond though. If any applicants are still trading for you in a year you should let us know, as my low opinion of ET'ers in general is something I'd like to be proved wrong about. Good luck!
And those who can will probably prefer to trade own money and keep all the profits. I received two offers in past, but twice refused and never regretted it. I keep 100% instead of 15%. So even trading a size 6 times smaller will make me more money then trading for a 15% commission.