I can't say I have the best advice, and I realise this doesn't answer your question, but I'm more curious as to what kind of contract you have in place. I've tried to do the odd project like this in the past and it's ended in disaster. At the very least, have a retainer in place and don't begin work until a bit of money is in your hands. 

I do know someone out of an M.Arch that was getting $25 from a contractor per hour which I think was pretty good. 

Unless you have a 4 or 5 year B.Arch before getting your graduate degree, you are probably not ready to prepare a decent set of construction documents for this project. Yes, any architecture school grad can draw a sexy looking floor plan elevations and maybe even a section or two but, those sexy drawings done with Photoshop and sketchup are not construction documents. I remember when I first graduated and got my first job in an office and received my first assignment. I had to design and draw the construction documents for a real - actual steel stair. I initially said to myself hey after completing my thesis drawings and creating a somewhat complex and intricate cultural education center design, that my stair assignment was somewhat beneath me and would be simple.

Boy was I wrong and what a humbeling experience it was. There were so many issues that I had to contend with in the so called simple stair design that I had not dealt with before.

I also learned that you shouldn't  overlook and downplay the knowledgebase of Architecture staff without degrees.

In that house design you will have to contend with codes, snow loads, lateral loads, zoning requirements, siesmic loads, bathtubs full of water loads and the load of issues that will pop up during construction. You will have to designate which direction the plywood grains should be oriented on your shear wall and the size of your nails. You will have to determine if/ how your lumber will be pressure treated and if the treatment will erode the nails that you decide to use.  These are all of the issues (along with many more) that you must deal wih if you decide to do construction documents because afterall the construction documents document your design desicions that you are liable for.......unless the contracor prepares the documents and you are merely their employee.  Your local jurisdiction will have rules in place to determine who can do a set of construction drawings for a house. Some jurisdictions will allow the owner to prepare their own set if the house is less than say- 1500 sf. 

Lastly, I will say that I did not become trully capable o developing a set of good CDs for a house until after developing 5 projects. I just wasn't redy before then. Also there are legal - liability issues involved as well as  statutes of limitation issues. You should read about the benefits and problems of owning/creating a corporation, Limited Liability Company/corporation vs a sole propriety company before actually doing a project of your own that risks life, limb and more importantly your current and future earnings.

With all of that said determine how many sheets you will need and figure about 30 hours to prepare each sheet at 35$/hr or you can charge between 6 and 8% of the cost of construction. Determine which method yeilds more profit and select that method. You must also realize that construction documents will entail civil, structural, architectural, plumbing, mechanical, and electrical disciplines

Good luck an remember that you 're not in school anymore and that there are implications for each line drawn. 

     

How is it that a person can graduate from architecture school without knowledge of basic construction?

That's like graduating from the Culinary Institute without having any knowledge of cooking.

You were young once Miles, sure that was decades ago but...

 

...couldn't resist

Thank you all for the feedback it was very helpful.  I know that theres alot involve with construction documents, process, and procedure for doing a renovation on a residental house and getting it pass with the city; luckly the general contractor / family acquaintance know that I am fresh out from graduate school and this will be very much a learning experience. 

We spoke about the drawings and how it will be rough / schematic at first and then moving along into more detail, which in the end will be stamped by him, or an architect to get it approved by the city.  I will be charging him 25$/hour. Thinking it will taking me a good 60-80 hours total. 

1st thing is to create drawings for the existing condition of the house.  I am thinking of simply measuring, sketching, data, numbers and bringing it into CAD. Any suggestion for this process?

Or advice on any anything would be appreciated.

Thanks,

Once you've done the drawings, follow the project closely on your own time. Watch how the trades work, look at how things go together, you might even ask your contractor friend to hire you as labor. Milk the project for every bit of experience and insight that you can squeeze out of it.