Should I hire a project manager or manage the rehab myself?

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Okay I have decided to put my question in front of the knowledgable....I have been thinking about how to proceed and I keep sitting on the fence as I am not sure what option is the best option....I am fairly new to BP.....tripped over the podcasts on youtube and eventually made it to the website....prior to BP I had an offer from a friend of mine to partner on a rehab project. Due to the decline in inventory and the smaller profit margins we have decided not to partner. However; since I work a full time job it would be near impossible for me to be on site as much as I should be given the fact that it would be my first flip....My friend offered to manage the project for me. He would do all of the footwork...find the house, rehab it and sell the house....

He has a proven track record....he has been flipping houses for a few years now and has profited at least 20% on every project. 

Originally he said he would want 20% of the profit to manage the project. In a later conversation he through out a number(flat rate) he would want to be paid for each project. I told him that I would not be comfortable with paying him a flat rate as there would be no real motivation for him to maintain a tight schedule because he will get paid the same amount no matter what....

My question is this....has anyone been in this situation and if so how did you set it up?? What is a fair compensation??

Any feedback would be appreciated!! Either way I need to make a move....I have been sitting on the fence long enough...