Renting out a garage

[Ed McIver]

Hello Everyone, I was just offered $300/ month for a 700 sqft garage. At the present time the building is in need of major repair. The tenant is offering to gut down to the studs then rehang drywall. In exchange they want 3 months free then 300/month for the next 2 years. On the surface I am fine with the deal.

I will be specifying the minimum repairs. And nobody is allowed to send the night in the building.  

 But I'm sure there are several ways for the deal to go bad. What are the pit falls I should be looking out for?

Thanks