Former Boss Now my Project Manager

I am in an interesting position, good in a number of ways but also potentially awkward. 

I was hired 18 months ago, and took a demotion to be closer to family. When my boss left the organization several months after I arrived for a simpler lifestyle in a warmer climate, I became acting manager in his place. I declined to apply for the position at the time, and a new manager was hired. The new manager left after a year, I am now acting manager once again - but this time I have a large number of projects in play and need some project management support. My first boss has since returned to the organization, in a junior role (covid, not ability). My former boss has been offered to me as my project manager, while we are in the process of looking for the new manager, a job which I have applied for this time. He's a great guy, we have chatted and enjoyed time together informally in the recent past. He did have a slight interest in his old role, but did not apply when he found out I was interested. 

Thoughts for my consideration, would be appreciated.

Thanks,

bigstory