I would want some major security deposit on file - maybe 6 months rent (personally), and / or possibly have them carry an insurance policy with you as the named insured for a descent value for any damages, etc - with the policy specifically written for the type of business they are actually running.

Purchased all cash as a major fire damaged home & knocked almost all of it down and re-built it with new addition and rooftop deck with jet-liner views of the city!

mainly cosmetic: stained floors, repaint, may need to replace carpet with hard wood, resurface cabnets, new shower, repatch water damage. 

The deposit is to cover damages (and unpaid rent).

Some specific examples include careless installation of vinyl flooring in our kitchen, resulting in irreparable damage; leaving an exposed nail in remodeled kitchen cabinetry that scratched our new range; installation of bathroom sinks with improper plumbing connections; and multiple instances of failure to remove cigarette butts, food trash, and construction waste from our property.

Upstate is a huge and somewhat ambiguous term for areas in NY.How are we going to effectively use this forum?

I read the article.The last sentence says these provisions do not take effect until a resident has lived in the property at least 12 months. 

It recently had some roof and ceiling damage and we are looking to sell.  

This effort led to a successful sale on 12/03/2018 for $199,900, demonstrating the effectiveness of our renovation and marketing strategies, resulting in a substantial profit.

Effective age on the appraisal report is 18 yrs versus actual 39-year age of the unit, with a C4 condition rating.