Ask HN: Evaluating a pre-seed funding offer

We are a newly formed team who was recently been offered a small amount of pre-seed funding.

We're evaluating the offer, and we wanted to get HNs input on what some important things to look at would be.

Some of the things we're doing are:

Evaluating the term sheet by

- looking at what other pre-seed funds are offering

- asking a local entrepreneur support organization to go over the terms with us

- having an attorney friend (experienced with startups) look it over for any hidden "gotchas"

Gauging the potential benefits of the relationship by

- reaching out to the local community and asking for feedback on the investor

- asking the investor what kind of involvement we can expect from them going forward

- asking the investor for contact info of other companies in their portfolio.

What other things would you do? Any general or specific pieces of advice? Have you been through this before - do you care to share your experience?