I feel like your expertise could be of use as well.

The advantage using an LLC is asset protection whereby you do not expose your personal assets in the event of a lawsuit.  

My question is what can we do to protect ourselves before the closing.

At our company we like our clients to be involved as much as they want to be with the expectation of trust in our expertise for certain operational factors.Also, if the turnkey company has well-established policies in place for leasing, resident on-boarding, standardization of renovation approach (replacing capex items first and foremost), and property management, then they could be a good option for investors.Also, look to see if they have warranties in place to cover the renovations they have completed on the property.

The question really boils down to what you're trying to do and what level of asset protection you seek.

@Ethan Mastrodonato The whole point behind having the security deposit is to protect the landlord against excess cleaning, breakage, or theft upon move-out.

What's the best way to structure a counter offer to protect myself while completing improvements and construction of shop while we are in "pending" status?

What's the best way to structure a counter offer to protect myself while completing improvements and construction of shop while we are in "pending" status?

We follow the principals of COPE, which stands for construction, occupancy, protection, and exposures.

When it comes to asset protection it is an attorney.