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Pay CLOSE attention to security!! Too many sad stories to tell here, but lock that shit down – buy a heavy duty lock for the door, and install a good hasp to attach it to. Make sure windows are gated, etc. Crooks target that sort of thing.
An industrial or commercial space is a good creative way to avoid being in one of those crowded & noisy monthly rehearsal studios. But they're tricky to find, especially since noise may limit who'll take you in, and potentially more expensive than a monthly spot. You might even want to ask around. Sometimes people have a basement or something that they're happy to make a few extra hundred bucks off of, but isn't legal for residential tenants.
Only other advise is to make sure it's a month to month situation so you can split if it doesn't go well. (That's another tricky aspect to commercial/industrial spaces, since they'll often want a longterm lease)
Good luck and have fun!
-e
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