Abbitt Photography wrote:
I think you will find that a revenue sharing proposition won’t attract many models.  For one, they don’t know if there’s any realistic chance the shoot images will actually produce revenues.   Another issue is that trying to keep track of what revenues are produced and the people involved can quickly turn into a logistical nightmare.  I still get revenues from images produced years ago.  How’s a model to know what you are earning and ensure she’s getting her fair share over time?   

If you think you can make money on your images, simply pay a model having a release and full disclosure to this effect and avoid the headaches involved in revenue sharing.   

I did a few trade shoots with musicians who received images to use to promote themselves and I received images to sell, but they weren’t MM models.

This!  I've photographed many models and musicians.  When shooting musicians at concerts for editorial purposes, no money is exchanged but I'm under agreement that the purpose is for editorial only.  I can't go making posters or t-shirts and selling them.  More often I pay models rather than TFP for the purpose of my using the images to derive an income.  Regardless if it's a band promo shot or a model needing some images I'm photographing for pay, it's often times to provide some sort of "use rights" that are agreed to before the shoot.  The idea that the OP has regarding shared proceeds is a risky one to me.  Anyone can create a business plan that they wish to try, however it just does not guarantee success.

Adam Thede wrote:
Thanks for the feedback so far. FWIW, I don’t tend to have any trouble finding models for TFP shoots, including boudoir and bikini. However, as these would be mostly nudes and for-profit, I thought it unrealistic (and unfair) to expect TFP alone would be fair compensation. I’m attempting to offer services of significant value that would meet or exceed a reasonable hourly rate. This will not work for everyone, but may be a useful arrangement for some, in theory.

I admit that revenue sharing is not my favorite idea for the reasons those above brought up. I would be open to it but wouldn’t do it for everyone.

Obviously, I’d rather be able to just pay everyone outright. If I could do that consistently, I wouldn’t have made this post.

I think what’s fair is what ever two knowledgeable parties think is fair and agree to. As I said, I’ve had musicians who were ecstatic  to get promotional images from a TF shoot without having to pay.   They were not  revenue sharing, each party being free to profit from the images as they could.    It appears Patrick  has apparently experienced similar.   

I think however when it comes to MM models, what you hope will be attractive and valuable in theory is unlikely to be attractive in reality.  I think you will have much, much better luck just hiring models.   You can debate the theory or value you believe you offer all you want, but I think few models will find that appealing.  I know of a very few photographers here who are able to attract nude models for TF projects that provide exposure for the model (no pun intended) because these photographers have a proven reputation, but these photographers are a very rare exception. 
You are of course free to post a casting call and see what response you get, but I’m willing to bet you won’t get the responses you hope. 

Related, times have changed.  15 years ago, I could line up TF figurative shoots fairly easily.  Since then however selfies are easier and more accepted, digital cameras more common, etc.   The number of photographers keeps expanding.  Being able to provide decent digital images of people doesn’t have the value it used to.  Social media models no longer need photographers like us.

Abbitt Photography wrote:
I think what’s fair is what ever two knowledgeable parties think is fair and agree to. As I said, I’ve had musicians who were ecstatic  to get promotional images from a TF shoot without having to pay.   They were not  revenue sharing, each party being free to profit from the images as they could.    It appears Patrick  has apparently experienced similar.   

I think however when it comes to MM models, what you hope will be attractive and valuable in theory is unlikely to be attractive in reality.  I think you will have much, much better luck just hiring models.   You can debate the theory or value you believe you offer all you want, but I think few models will find that appealing.  I know of a very few photographers here who are able to attract nude models for TF projects that provide exposure for the model (no pun intended) because these photographers have a proven reputation, but these photographers are a very rare exception. 
You are of course free to post a casting call and see what response you get, but I’m willing to bet you won’t get the responses you hope. 

Related, times have changed.  15 years ago, I could line up TF figurative shoots fairly easily.  Since then however selfies are easier and more accepted, digital cameras more common, etc.   The number of photographers keeps expanding.  Being able to provide decent digital images of people doesn’t have the value it used to.  Social media models no longer need photographers like us.

I largely agree, which is why I’m not offering TFP or just photo shoots, but other professional services both related and unrelated to photography itself.

Adam Thede wrote:
Obviously, I’d rather be able to just pay everyone outright. If I could do that consistently, I wouldn’t have made this post.

Just want to make a note to everyone that OP has reached a conclusion way up here. OP you don't have to rebut everyone that replies, but the thread will likely keep getting more people chiming in over time.

Yeah, with independent models, nudity has a premium attached to it. You can try building rapport with an individual you like, but then you get less variety or extremes in femininity to choose from, or masculinity, that a catalogue of models allows.

If you are tight with agency fashion models they might send you some for something artsy as a "test shoot", but its far more likely that there are tons of covenants and definitely not for commercial use that doesn't involve tightly scrutinized discussion with the agency.