If you're considering a 4-tenant retail development, I'll assume you've already performed a fair amount of the preliminary due diligence and evaluation such as:* identified actual demand for the product type in the market you are considering, along with supply in process within competition area to the proposed site.* understand current market rents for the type of tenant and construction you are considering, and at your specific location.* understand delivery timelines, TI schedules, and general construction process/permitting for you and the end users.* have identified the most likely tenants for the development in question, and understand the building criteria each have for spaces.If you haven't answered "Yes" to each of the above, I would recommend pausing until you have the above nailed down.

I negotiate with tenants on the spot all the time, if they want something different than what I want, I don't reject them, I propose something to accommodate but of course, I get paid for the accommodation.

The proposed changes (if implemented) would fundamentally change Single Family zoning in Reno, and could make the prospect of properties completely different here. 

It sounds like your proposed solution is solid.

While what you’re proposing can be done, it won’t be with the money of anyone with financial/investment knowledge,  

State LL/T laws got more strict last legislative session in various ways,   and the biggest risk going forward is that we will get statewide rent control similar to OR or CA.   

I would also bet that the late fee is wrong there as well as we now have the most asinine rule in the state for late fees.The laws are changing increasingly fast so I worry about the ability of BiggerPockets to keep up with all the legislative changes that are going into affect and how it affects the lease!

What you're proposing is known as third-party logistics.

*Chiming in on insurance - I have a few great brokers I can refer, my personal properties have gone down around 40% YoY.  2022/23 was terrible but there is new (insurance friendly) legislation that has encouraged more companies to come in.

They should be mutual indemnification clauses.Here is typical language we propose and 90% of the time it is agreed upon, as it is short, sweet to the point and protects both parties: (note I am not an attorney and recommend you always have an attorney review any items in an agreement)Owner hereby agrees to indemnify and defend and hold Manager harmless from, and to defend Manager against, any and all claims, charges, debts, demands and lawsuits initiated against Manager in his capacity as Manager.