The contract should cover at least:- Parties - Address of the property where work is done- Work start and end dates and if they can be adjusted based on certain events (for example, materials are not delivered on site by the time they are needed, or other legitimate delays)- Who pays for materials and how materials are delivered to the site (request your contractor to provide an approximate schedule for materials/parts/fixtures to be needed on site for install prior to beginning of work)- Price for work and schedule of draws (or at least that you'll develop and agree on schedule of draws prior to beginning of work)- Bonuses for early completion or penalties for late completion- Milestones for the project and your right to terminate the contract if the milestones are not met by Contractor- Warranties on labor- If the permits are pulled and who is responsible for that- How / where Contract disputes are handled - Scope of Work (a detailed version of it is incorporated in the Contract and bth Parties sign it)Happy remodeling!

Are you going to buy a ton of stock when they go public and cut your bonuses?  

My guess is that if you sold it off-market to a private party it would matter less, but then you'd have less exposure of course.The biggest issue I've noticed about properties where the zoning is odd/unusual/not what you'd expect based on the current usage, is that often they are in very not-great areas.For example, the property you're talking about, would not surprise me if it's on a short street and next to or across from an abandoned / boarded-up factory, railroad tracks, etc. and all the properties on that short street are either vacant or in rough shape.I'm not just being pessimistic, I've researched a lot of properties and the few times these zoning mismatches pop up, seems more often than not to be a situation like that.So to me the issue isn't the zoning per se, it's that the zoning itself is an indicator of something else that's less desirable about the property, such as what's around it.The Providence zoning code is online and in the Industrial Districts section defines Light Industrial (M-1) as: "The M-1 light industrial district is intended for light industrial and office park uses that accommodate a variety of manufacturing, assembly, storage of durable goods, and related activities provided that they do not pose toxic, explosive or environmental hazard in the city."

Additionally, my particular unit has a bonus room that can be used as an office or if people really wanted to as a 3rd room.

IMO, there's a fine line between a vacation rental in a well know resort location (mountains, lakes, skiing areas) and a STR in a desirable metro area like NYC, SF, Seattle and now Malibu.I dislike this model due to the high turnover and exposure to vacancies,  but now there's every chance your REI can be wiped out by local regulations. 

With our salary cut in half the cash flow from each property is an added bonus.

I imagine if they pay you, you'll pay them interest only with a bonus at the refinance or sale.

If you have a Redfin agency near you, they pay their contract writing agents a salary plus bonuses.

That in itself should limit the exposure to your home.

Amortization is great, and appreciation a bonus, but cash flow is the most important while depreciation helps keep your taxes low.