Pick up and how secure it is?

Hi all.

 

I have a potential buyer who lives local to me and wants to pick up the item if they go ahead and purchase. They have excellent FB and are a long term member from 2006, I initially had no issues with this, but as a new seller and still under the 21 day rule (for a few more days thank heavens) and the new rules, I wondered what may go wrong? I know I read that PayPal will not cover without tracking etc.. but don't want to trawl through thousands of threads again.

 

Basically what precautions should I take and what are the pitfalls of a pick up, and when I say pick up, it is already agreed that it would be a neutral venure. Thanks!!