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Tenant Improvement Deal

My tenant wants to finish the drywall and carpet the basement.  We want this done and agree on the design with him.  Now we just need to negotiate how it will be paid for.  What kind of deal is normally struck that is fair?    Thanks.
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I had my tenant completely re-do a kitchen, paint, and redo the hardwood flooring - I provided all the materials and deducted $150 from the rent; but the work had to be completed within a certain timeframe. If the deadline was not met, then the rent for the remainder of the lease would go back to the original rent. It worked out very nicely. The tenant got beautiful new surroundings and a reduction in rent and I got many upgrades for when I am ready to sell.
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