Keep the wood (or sheetrock if you choose) an inch or two off the floor to not wick water.

If not, the only requirement may be filing plans with the dept of buildings.One of our contractors does the bulk of his work on contracts with NYC.Mainly work related to bathrooms & tiles/flooring, I will shoot you a PM if I can get any information on this.All the best!

The limit on scaling is your deal flow (mine never was that good) and time it takes to perform the value add (I got fairly quick for example, my last rehab did all new plumbing, electrical, and flooring.  

But at turnover you needed better paint and change out window coverings almost always.. change carpet every other tenant.. glad i had concrete floors in the main living areas..

My tenants are responsible for maintaining a clean property and for any requested pest control services.

The truth is, they will keep playing games and milk you for every penny they can, then they will leave the house a mess and cost more with cleaning, repairs, and vacancy.

I ASSUME you’re talking $400+ in extra expenses for providing water, power, sewer, gas, internet, communal area cleaning, and exterior maintenance.

A clean U&O means the Seller doesn't have to do anything.The home inspector is a different issue.

Renting out a room is a great way to get started, and I wouldn't get too settled into the "going rate" use that almost as a floor. 

Talk to other clients, go look at his current job site and see how clean it is, the quality of work, if the order of operations is making sense so far, etc.PS I'm a GC in the Nashville area and can take on a handful of clients in 2025 if you need me.