Tenant contract work advise

[Kayla Stalley]

Looking for advise.  We have a home with an unfinished basement for rent.  We have an applicant that states he would like to move in and finish the basement for us.  He has experience doing this type of work, we just are not cashy enough right now to have a contractor come in and do it.   We have discussed the fact that we would buy the supplies (he manages the lumber/ hardware store) and now we are trying to figure out how to break down the labor payments.  

I do not want to start out with lower rent, I fear them moving our in a year when there lease is up and having a half finished basement.  My initial thoughts are to start him out at the asking price of $850 and then once the remodel is finished lower it to an agreed upon amount.

Does anyone else have experience with this situation?  How did you handle it?