You would need to nail down the rental rate. 

The number one thing I tell any aspiring note investors is that you really need to nail down the value of the underlying asset.  

And in the future, you may want to include a statement that says your signature is null and void after a certain amount of days; that way if they have not redeemed within a certain amount to time, you should be able to continue to make preservation improvements.This post is a little bit old, but I'd like to hear what happened in your situation.

@Frank Wolter You hit the nail on the head.

., significantly above comps) for very high end finishes, particularly in a town that is known for historic preservation.

I also have a lot nail pops and small blemishes.

@Kon Zel, none of that changed so it is indeed just as @Paul Caputo nailed it. 

Had to fight tooth and nail to allow some existing stuff to be ok as is.

The good news is that if you get the roof done correctly with the extra nail, your insurance will likely be significantly lower.

Search things like zoning ordinance, neighborhood preservation, etc.