Thank you all for helping me out with this. I think going ahead with the hourly rate and waiving the royalties will be the best way to go. She is a good friend of mine, but I don't know what her plans are to keep record of how many books she has sold
. It is not out of the realm of possibility that she may never get around to publishing it at all.
A few years ago I drew up a pricing scale that took into account hours, medium and size, so I will have to un-earth that and see what's what. I am going to have to find out what the size ratio and bleed is for book covers. I like to work a few scales larger and then reduce it down.
She called me today to announce that she also re-writing a full color, fully illustrated childrens story she wrote several years ago. I am excited by the prospect even if I am apprehensive about going into a business proposition with friend. We will see.
Either way I'm going to make her give me a few copies of the book to read and show off