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| Best get the fertility questions out of the way first.
Alfalfa eats a lot during the course of a year. Get baseline soil test now and agree on the fact that it should be the same after he leaves. Maybe get a base annual rate on the P and K (maybe micros, I don't know your soil) to be applied with soil test each Fall and next year adjusted accordingly.
At the cost of fertilizer these days, mineral mining has to be watched and accounted for.
Now, the rent. Standard cash rent in the area, high side because if the guy knows alfalfa he is not asking for poor, wet ground. Would not share rent as the quality of the hay (beyond landowners control) has more to do with cash return than amount.
Tim
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Fair rent for alfalfa field
