A 12 month lease with possible extensions may be the way to go.

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I can't recall a single instance where I have heard about investors stroking larger checks to promoters because they advertised to them.

For instance, you may have to replace all insulation and drywall due to the smoke damage.

You don't need anything that extensive when you start, but it's best to be aware of the type of structures you may need as you grow. 

For instance, I'm remodeling my bath right now.

Each area has their own uses, for instance in some area a tree farm would need to have some type of agricultural zoning, a park would need to be public zoning, a community garden might be allowed in designated areas, etc.It's always good to get familiar with the general plan and zoning of your area.

If it leaks a bit it isn't bad, but if rafters are rotted or a post then you will be in on some pretty extensive repairs. 

For instance, banks - particularly the big banks - have been forced to increase their loan loss reserves. 

Keep in mind - you have until tax filing time (including the extension to 10/15) to recharacterize any or all of the conversion.