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If you both have faith in the project and feel that it could be successful
(which it sounds as though you do) I think that you should come to an
agreement of sharing the profits from the project and charging less on word
count or hourly basis. This way you are both gambling on the accuracy of
your expectations of the project and you both share the risk that you are
wrong and the book does not sell.
If he will agree to this upfront this seems like the best way to handle
things to me. This way you both share in the possible gains or losses from
the project. It is going to have to be a judgement call on your part but I
hope this helps.
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