Deciding between 2 offers - need help TONIGHT

Background:

I have a potential job offer (in negotiations) with a guy who manages a pool of money that I believe is his family's money. The guy is trying to be a full-circle asset manager by investing in everything from stocks to FI to operational businesses. He wants my help primarily in looking at deals for operational businesses, but I imagine I would do whatever I wanted / was asked of. Currently, the fund consists of him calling the shots and 2 support staff (an admin and part time accountant), so I would be his first "professional" hire, but it seems like he has the infrastructure set up to pay employees. I need to decide between this and another, much more vanilla corporate finance offer (but still attractive). I graduated in 2006 and received a 700+ on the GMAT, so my plan is to put in 2-3 years somewhere and then do b-school, and he is ok with this.

Question:

What I want some help with is what else would you want to know from this guy before accepting an offer? I basically hold all the power now, he has seen my work as I was working for him part-time and he likes it, and I am the one with the pending 3rd party offer. So I will get to grill this guy in about 18 hours. What should I be asking?

Here are some of the things I have thought of so far:

How much are you managing –
What is the time horizon to deploy the capital
are you taking management fees from the asset base – do you plan to?
What is the fee structure?
Who are the LPs? Family?

2 year minimum - What guarantee can I have?

Can you fill 40-50 hours of my time per week? (he said thats as much as I would work, probably wont even be that much)

Will I participate in everything you do – travel, meetings, emails, etc.. (I want to be his right hand man doing everything he does, meeting the people you meet, etc. )

Benefits – health care, dental, vision, etc.

What is my potential upside? - Points on deals, etc

Will you expand the fund to include outside money? How?

Any and all thoughts are appreciated, and I will try to answer any questions on info I left out.