If you are not doing this professionally and are new at this, I'd be modest in demands. Charge him to cover your cost and expenses and some but not the "market rate." Based on the type of questions you are asking, you will be relying on a chance that you might get a good exposure and good enough quality image for product use, right? You can't yet say.... put a light here, put another one here, meter here and there.... that ought to give me THIS kind of result! right? I think $100 for your time, material, and trouble is about right.
You can give him the "use license" not the "copyright" so that you, too, can use the image. But really, is it worth the trouble? Wouldn't the image basically end up in your album, possibly on your wall?
If you have NEVER used lights or meters, right, this is not the right time to try to learn those things. If I were doing this, I'd limit it to using natural light, and possibly one or two reflectors.
I take portrait for my friends, co-workers, and few strangers. I take EVERYTHING I have so I am prepared to deal with unusual situations but I usually end up using just a few equipment. Which usually means one flash and umbrella and few reflectors. Quite honestly, that's all I can handle.
As to fees, I charge anywhere from absolutely nothing to a token of thanks. At one time, I actually refused some because I thought it was excessive.