10 years as a home inspector, and i have run into an all too familiar scenario, far too often:  Rehabbed homes that are mostly lipstick cosmetic improvements but without substancial updating of the major systems, ignoring or HIDING structural issues ( if not causing them by unskilled removal of walls) equipment or components of the home , townhome condo etc. 
Now, the experiences i've had in the areas around chicagoland MAY be related to a kind of mindset whereas " caveat emptor" is the rule of the day. After all its chicago and yep, you are gonna be infested with scammers and flim flam men convincing impressionable people that their work, as shoddy as it may be, is GOOD ENOUGH and that the bottom line is saving money -- YES, lots of home owners have to do things on the cheap - maybe because they were victim of a shady mortgage loan and are barely keeping their head above water.

To explain, i find shoddy , cheap work done by charlatans in much more frequency than quality work - of course everyone is trying to save a buck - especially the "contractors" ( and i use that term loosly to describe some of the bums who have tricked thousands out of people )

But i see the results of these quick fixes, stop gap repairs, fast rehabs and formulaic resurfacing of homes interiors. Want to know what the bottom line is? 

MANY TIMES, IT ENDS UP COSTING MUCH MORE IN TERMS OF COLLATERAL DAMAGE OR HAVING TO REDO SOMETHING MORE FREQUENTLY AT WHAT SEEMED TO BE A LOWER PRICE AT THE TIME BUT WILL QUICKLY SURPASS THE INITIAL COST OF DOING IT PROFESSIONALLY AND CORRECTLY IN THE FIRST PLACE. ( AND AVOIDING COLLATERAL DAMAGES FROM SHODDY , UNSKILLED AND INEXPERIENCED WORKMANSHIP)

I can give countless examples of straight up terrible work, shoddy rehabbers using cheapest materials , installing in fastest way, and only working to BARE MINIMUM... now about that..

CODE REQUIREMENTS ARE BARE MINIMUMS-- so when they claim
" it is up to code"
 1 st of all - usually they are lying about that- they hide a lot
 2nd of all - the codes are bare minimums so they get really creative trying to save cents on the dollar.

AGAIN- yes they are trying to save a buck - BUT we are talking about the kind of homes the contractor bought on the super cheap during the housing bubble burst when we had our economy dive down lower than the depresssion in 1930s. They snatch up a property that needs a lot of work - and just do what they can to make it pretty on the surface-- there can be a 60 year old furnace chugging and snorting away,, clinging on to life  - and they will look you righ in the eye and say  " well the heat works good " ( whilst its operating at best at 60% efficiency )

I can go on and on , and i may revisit this entry to add more - but suffice to say many remodeled - rehabbed homes are shoddy.

HOWEVER 
There are ways a GOOD contractor can work up to code but use common sense and a good concience when he/ she realises some area of concern needs a little more to make it right.

Doing something right the first time is the only way to go.

here is an organization you can trust  : NARI

The National Association of the Remodeling Industry (NARI) is an organization of high-quality remodeling industry professionals. Its members are committed to integrity, high standards, professional education and market recognition.

http://www.nari.org/consumers/who-are-nari-pros/

I DO NOT GET A THING FROM THEM - except the satisfaction of knowing that if they did the work on a home i am inspecting there wont be many issues and the home will be in decent if not great condition.