Flooring, walls, roof, electrical, egress with windows and I think there is something about having a door that exits the home... not just into the home. 

Before you spend any money, you just need to price everything out (i.e. cost of homes, moving costs, installation, hook ups such as electrical, water, etc). 

Taking some of that space for the bedroom would only require framing in a non-load-bearing wall, closet, and bedroom door, plus adding a few electrical outlets/switches, and then finishing with insulation, drywall, paint, and trim. 

I don't want to deal with property managers, let alone tenants who will get on my nerves by failing to pay rent or demanding a new stove, refrigerator, window, HVAC and etc., and breaking the drywall and kitchen cabinets with sledgehammer if I evict them for non-payment of the rent.

Also not to add electric because we have different standards.

What seems to unique to the area (at least on a large scale) is electrical theft.You should also know about "Electrical Theft" in the Big D.Renters get electric shut off and pay someone to make an illegal hookup.Using fish hooks or other unsafe methods, WXYZ Reports: https://www.youtube.com/watch?

You will have to do some structural improvements, as well as adding electrical and plumbing.

I am house hacking my 1st SFH rn and none of them have rental insurance but I do manage the utilities because I live with them so I ask them for their part of the bills/utilities...I will probably take my name off the utilities once I move out and make the primary tenant get the water/electric in their name...

The property comes with access to water, sewer, and electricity connections.

If you're running plumbing, electrical, HVAC out there it's different than if you're just putting up drywall.