My advice is to not give the whole job to one contractor. Let the flooring people do flooring, plumbers do plumbing, painters paint etc, you get the idea. Also, you need to be there everyday if possible, if not, a few times per week at least. You need to educate yourself on the process of how every job is performed so you can identify issues as the arise and correct it early before it becomes a big deal to do so.
Most times you do get what you pay for. If you go with inexpensive labor, be prepared to supervise a lot and be on the job every day. This can work out if you know how the construction business works, how to address the issue(s) and correct them. If you do not have the time, find someone that is fair priced, ask for references (and call them). Reliability seems to be my biggest issue as far as showing up when they say and finishing on time. I have offered paying a couple hundred more (depending on the size of the job) and taking off a certain amount from the quote if the finish time is not met (Unforeseen issues that come up do not count and deductions based on size of job).
Hope this helps.
I have carpet, plumbing, electrical, painters and some general "do a little everything" guys. If interested, message me of your needs. Thanks. I do not work with GC's anymore as I act as the GC and sub everything else