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Venture Legal

Founder request for business help

A rockstar founder is asking me to help with his company - well beyond a bit of free coaching and guidance (negotiate a license, coach interim CEO, other substantial efforts) in exchange for equity &/or cash.  What are the top considerations prior to raising a venture fund that may eventually want to invest in the company?
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Here are the main considerations:

1. Venture funds can't receive advisory shares. So, if the founder makes you an advisor, you can't transfer that ownership to the fund.
2. If you are an advisor or consultant, that will be a conflict of interest with your fund. 
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Thanks for the helpful reply.  To clarify #2, does this only apply to an advisor who receives cash or equity compensation? 
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It applies to both

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