prospective tenant offering to renovate in consideration of rent reduction

Hi

We have a prospective tennant who has suggested they can renovate our property for a rent reduction. On paper the suggested renovations probably equal the rent reduction given the amount of work suggested - nothing structural, mostly tlc and things like a new kitchen.

I would appreciate any opinions from anyone who has been in a similar situation. I can imagine the risks but if we could agree any work first and inspect after I guess we can lessen it.

Would we need to sign an agreement that we 'own' any alterations / improvements but any risk caused by the workmanship remains a risk to the tennant?

Thanks