I am in Florida doing commercial development but looking to expand. 

It only applies to residents living in Jerome Village so for investors, it would only apply to rental income from Jerome Village properties, not your entire portfolio or out-of-state income.

Tell them what you want and ask them to lay it out.  

I also do housing flipping for a quicker profit.

I see it every day. 

I should add that there's stairs to the basement which is finished and it has a big area.

The idea is to build a buy/hold portfolio that we own 50/50 with me doing the work and him providing the up front money. 

and how do i cover this up?

If it is not in the contract, the contractor has the right to believe they are not responsible for it. 

Congrats - do you ever think you'll expand a buy a true standalone STR of just happy with this current situation?