Perhaps meet this person for coffee and get a sense for who they are and whether you trust them before even negotiating studio space.
My rental experiences have been:
1) 1,000 sq foot studio, fully equipped, $100 a month for 10 hours of access per week in a secure gated community. Outside clients allowed, and plenty of potential clients within said community.
2) Hourly rent of sprung wood floor dance floor and a moderate amount of fitness equipment, $30-$40 per hour for Zumba and other dance events.
3) Hourly rent of small gym, 1,500 sq feet, $20 per hour (no dance floor)
4) 40% of my revenue, 3 classes per week.
In all cases, there was a contract and I was provided with keys. However, all of these opportunities arose because I knew the studio owners first, so I was already over the initial consideration of being trusted.