It might be on a long term respirator but the opportunities that exist warrant a good look at the asset class.

At a minimum I think it'd be worth getting a written agreement, perhaps just memorializing the TAW agreement rather than a full lease with specified tenure.You also make a valid point on the security deposits - just reading that section of the mass.gov webpage on Landlord rights and responsibilities was quite a chore to understand the various steps and requirements involved!

I have also managed projects in Chicago that involved historic preservation.

Having been a high volume REO agent in the past I can concur there are many details involved that must be transacted properly on both sides of the transaction in order for the seller to substantiate taking what is more often than not a serious loss of capital.  

The banks will only provide a construction loan which is approximately 50% of the overall costs as you have many many other costs involved.

In addition, if they are members of the National Association of Realtors® there are a code of ethics that could be involved as well. 

Often times you may find the permits records only go back 5 years and a search for years further back may be more involved as they may be somewhere on an old microfiche is storage or the may not be available at all. 

I've been involved with converting a warehouse before which is a similar process, save there was no need to remove animal odour from the building before starting.

So what is involved in filing a lis pendens.

Some of our members are turnkey investors; others are more involved.