The payment bond insures that they will pay their bills to their material suppliers and labor forces. 

My husband and I have lived/held/flipped 3 properties over the last 8 yrs without any of the business materials.

I live in an area where most people are pretty easy going, so it works here; if I was back in Jersey, I would have a "no material until Day 1" policy. 

I am also concerned the extreme odor can seep into materials like the ceiling tiles, but would try the wall treatment first.

Ok, now that you have taken your initial step, below are some quick links to get engaged.Since you expressed an interest in flips, I added the link below for your review.http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips) http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/forums/categorieshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

You can buy kits From Mernards for the homes which come roughly at 60-70 grand everything included down to site plans, prints and finishing materials required. 

I have finished some of the free ebooks available but there is definitely a lot more material on here I plan on looking into.Linval - Thanks for all those links.

Your time here will be well spent.Since you didn't mention a niche of interest, I added three links below for your review and selection of one or all.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/forums/categorieshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

Such terms such as "Arm's Length", "Meeting of the Minds", "Consideration", "Good Faith" ,"Bilateral and Unilateral", "Laws of Agency" "Servant and Master" and "Intent", "Ability to Perform" what "Fraud" is, different types of fraud.You are or can be a principal when you have the capacity to contract, give consideration, have the intent to perform as stated in the contract, have the ability to perform, that you deal in good faith in your own best interest, that you disclose facts that put another party at a significant disadvantage, do not mislead or misrepresent yourself or material facts, that the purpose of the transaction and the means used to perform are lawful, having a lawful purpose.  

Connections at material suppliers that your contractor doesn't have are helpful as well.