A CTO is more than a CTO. They are your partner. If you are lucky enough to know someone who is business partner material and who is great technically, then I'd work with them without hesitation.
I would also look at the business model and MVP needed. Can you get to customers by hiring an outsourcer to do some simple tasks?
For outsourcers you need to:
-Make everything as detailed as possible
-Simplify everything as much as possible
You can also hire someone local or a more expensive outsourcer to check over the outsourcers' code.
But really, I think after MVP, you are going to need someone technically skilled and committed to the project to succeed. For that I think you can pay someone way above the average, plus equity to do it. Do you think you can get to that point with an MVP you can get outsourced? If so then go for it.
I think it's never wise to pick up a bad partner, so more than anything, I'd suggest for you to think of any potential CTO as a partner first, and as the guy coding second.
If you have someone who is partner material then there is no question. Work with them. That's what I have and I am extremely lucky, but we make all decisions together and I am not the boss. We are partners in every sense of the word.
If you can't find that, then you can't risk someone bad. It could derail everything. In my opinion, it would be better to get an MVP, some customers and then pay for a CTO.