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The only possible issues is that only one account can play games from a library at any time so if you are playing any game from your library he won't be able to play any of them while you are and that some games aren't possible to share with it.
I think I kept mixing up Family View and Family Sharing. Sharing is what I need.
I'm not saying that he'll cheat, but it's something to keep in mind.
Basically, if you share your library to him and he cheats in any of your VAC protected games, you too will potentially get VAC banned. Nothing prevents you from using Steam Family View (the parental lock feature) to prevent him from playing any of your VAC protected games though.
The phone number is relevant for the same reasons kind of. If you share the same phone number and he cheats in any VAC protected games, all the accounts sharing the phone number at the time of infraction will get VAC banned.
If he's not the cheating kind, then there's no issue.
It is not necessary to associate a phone number to a Steam account unless you want to enable Steam trading with no delays.