The pay for time etc, will come, it doesn't have to be this project, but it'll come.
I think you also skipped some other positive aspects; the experience gained by teaching a complete newcomer, and the benefits to your own portfolio.
That said, I wouldn't take the project on. I have taken a similar project on in the past for a friend. A genuine business need, where we'd agreed a rate I would be getting paid, and my friend would be "helping" to write the code.
My friend pretty much did nothing but screw it up & cost time in putting it right. Maybe your friend is better...
The project requirements also ballooned (like they have a habit of doing), and before we even had an MVP, my friend was trying to sell the product (and failing, because the latest copy on his laptop was broken...).
In the end, I walked away from the project, but we remain friends.
Great insight, thank you. I also decided not to pursue this, and feel it would likely have similarly ballooned.
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