Bancroft had it well covered, my view as a self builder and as a project manager as a day job.
Avoiding a main contractor and managing the build yourself will save you upto 30% of project cost. BUT...
Getting trades will be tough.
You take more responsibility and risk.
It takes a LOT of time as you have to learn and do at the same time.
It's much more satisfying.
The key thing is to make sure roles, responsibilities etc are clearly defined.
"However, a close friend, who I trust, is a self-employed carpenter and runs a carpentry/renovation business with his business partner. They do not normally operate in my area and they do not have the experience/capacity to take on the whole project, but they do have good experience working on renovation projects. My idea would be for him to take on the elements he is comfortable with and help me coordinate some other packages."
I would absolutely not do this. Recipe for disaster. Grey lines. No cost control, you take all the risk. You'll fall out when something goes wrong.
Much more to it than this but I've no time to say more right now. Something that you'll soon be familiar with 🤣