An offer I can't refuse?

A local community college has approached me in considering my house for one of their student projects for this Spring quarter.

Last week I found a business card attached to the mail box from the director of the Wood Construction Center, a unit of the local community college. A brief phone call today delivered some details:

• My house is conveniently close to the center, making it opportune to run the class. (Last year they build an on-site house, eating up the rest of their space, which has yet to be moved.)
  
• I would be responsible for all materials, as well as possibly setting up credit at one of the home stores, for materials.
• A team of 6 students and 1 instructor would be on site, performing the work to desired specs.
• In the end, they would have another feather in their cap to show off, which will help bring in more students, funding and other such positives.
  
• And I would have a huge jump start on the house restoration.
  

But there are still a few unanswered question, such as liability (from accidents and such), the quality of work (since I plan on following the National Historic Preservation specs), to just name a few. They've asked me to submit a list of items I'd like for them to work on (basically an informal work order) and we'd meet at the house site to go over details with the director and involved instructors.

Any feed back from the House Restoration blogosphere would be greatly welcomed: any knowledge of similar projects and their eventual out come, to any other neglected concerns that should be highlighted?