An important aspect of negotiations is improving your BATNA (Best Alternative To a Negotiated Agreement). So what you most need to know is, if you walk away from this partnership, what encumbrances are there on the IP that you produced without a contract?
I think that since you never did sign a written contract with your roommate that either explicitly transferred IP or contained the magic words "work-for-hire", you and/or your school still own the IP and the roommate just has a license to use it for his class project. But I'm not a lawyer and this is really the sort of thing you need a legal consultation for. Since there's a chance your school owns the IP, maybe someone in your school's technology licensing office would be willing to tell you where you stand for free. If not, your state bar association may have a referral service where you can get a brief consultation for a low (as lawyers go) fixed rate. (At least, that's what they have in Massachusetts.)
If you own the IP, then you can counteroffer from a much stronger bargaining position. That is, if you decide to pursue this arrangement at all; I tend to agree with the people who say this guy is not worth doing business with.
I think that since you never did sign a written contract with your roommate that either explicitly transferred IP or contained the magic words "work-for-hire", you and/or your school still own the IP and the roommate just has a license to use it for his class project. But I'm not a lawyer and this is really the sort of thing you need a legal consultation for. Since there's a chance your school owns the IP, maybe someone in your school's technology licensing office would be willing to tell you where you stand for free. If not, your state bar association may have a referral service where you can get a brief consultation for a low (as lawyers go) fixed rate. (At least, that's what they have in Massachusetts.)
If you own the IP, then you can counteroffer from a much stronger bargaining position. That is, if you decide to pursue this arrangement at all; I tend to agree with the people who say this guy is not worth doing business with.