Anyone here buy an old house before and convert it to historic conditions?

I am looking at the possibility of a buy on Beach Blvd. in Biloxi at a house I believe meets the criteria for Historic Preservation. There are a list of tax incentives behind it totaling a kickback of 45% on rehab dollars between federal and state. However, it is a laundry list of items. I have some people in the area who do this work and another guy who does it full time in N. MS, but he said it's a mammoth. He said he would do it solo for about $5,000 - which I am inclined to do...but wanted to hear if anyone else had experience.