1. How well do you know the person with whom you are planning to work?
Do you trust them to follow through with their decisions? Will they stand with you through the whole thing, or will they grow tired of working when the ideas begin to disappear? Will they give you due credit? And vice versa: Are you willing to work beside them and can you promise them that you will stay until the work is finished? Or do you have a habit of growing weary of one idea and move on to a new story before you've completed the first? Will you stand by them even when it gets difficult?
If you can't answer those in a positive way, then you probably shouldn't begin such an endeavor.
2. What is your personality type? What is the type of your partner?
Even if you don't know your exact "type", you can still make a good guess at how you and your partner/team would work together based on your natural similarities and differences. If you and your team mate are both highly opinionated and both need to have your ways, then chances are, collaboration isn't going to do either of you any good. If you are both very quiet and reserved...more of listeners than talkers, then nothing is going to ever even be written down. A balance is crucial.
3. How well do you know the topic/genre?
You can only write as much as you know...or as much as you can imagine. If you are clueless in the field, then don't even bother unless you are willing to spend the hours doing research.
4. Time is Money. Do you have the time it takes to produce a good work?
Keep in mind that you can't just pick up your laptop at any given time when you have a minute or two. You have to be able to get together and sit down with the team and actually discuss the story. A text message isn't going to cut it.
5. Are you willing to give up your ideas?/How well do you compromise?
This one speaks for itself. If you're not okay with putting your own ideas aside and if you're not prepared to lose some here and there, then you may want to rethink the whole thing.
6. Is your partner a close friend of yours?
Sometimes the most difficult thing about collaboration is trying to keep a line between the business side and the friendship side. If the business consumes your conversation and time, your friendship is going to suffer. Remember to take breaks in between sessions. Actually spend time outside of the project, and be sure to keep up with your social life. Often, it tends to slip off if it isn't continually checked on.
That's all I've got for now!
Will see you all in a bit!