It’s a pretty solid plan. You are getting a steal of a deal on link building services. Make sure your Indian friend doesn’t do anything fishy that will get you in trouble with the search engines. If he is willing to work at that rate and you get quality links, you will be making out great.
The only thing that seems off is your plan to only spend 2 hours per day on this business. Perhaps with the amount of outsourcing your are doing it is reasonable, but you may want to be prepared for spending quite a bit more than that, especially in the beginning to get everything rolling smoothly.