How about you give us some idea of what he's looking for? Anything. Considering you're reserving the right to back out of the deal and not pay anyone anything, essencially what you are doing is asking us to spend our time and efforts on a
shot in the dark. We have no idea what this guy might be looking for? We don't know whay type of logo he'd prefer. We don't know what colors he's partial to. We don't know squat about his business, what he does, if he specializes in any type of work or particular type of vehicle.
At the present time it just sounds like a big waste of time to me. Make with some details and you're most likely to get a favorful response AND outcome.
Or you could always go to place like
Logo-Mojo where they will sell you a PRE-made logo right off shelf for only $365.00. If you wanted one custom made for you then they will only charge you something in the neighborhood of $700+. And if you decided you didn't like any of their custom designs they made for you, then you still
WILL pay the designer for the hours he/she worked on your failed designs...at $125.00/hr I believe.
Now it's your duty to get some info from your friend for us. And it's also your duty to inform your friend what and outstanding bargin he may have lucked into here. But honestly, with only $50 hanging in the balance, if you're going to preface the whole deal with "I can back-out at anytime and not pay anyone a dime" then you can count me out. But don't worry, there's plenty that will go for your deal. I only wish you &/or your friend were willing to pay them a little more respect. [shrug]