You open yourself up to noise complaints, nuisance complaints, odor complaints, etc....  

Lots of properties that don't cashflow as a traditional rental WILL cashflow as a rent-by-room rental.If you rent by the room, you will need to adjust your lease accordingly--which means thinking about all the various issues that might arise in rent by room situation (for instance--who is responsible for cleaning common areas, what are the rules about having guests, what are the rules about noise, etc.?).  

Because so many will get caught sneaking in a cat or dog and when you hit them with a violation they claim our application only asked about pets.So I have an "Animal Policy" that addresses requirements for pets and service animals and it includes all the things Richard mentions about noise, control, cleaning up, damages, etc.

In projects that require a whole bunch of jack hammering and noise, we normally give the neighbors a gift card or a bottle of wine to thank them for putting up with the noise.

Ignore the noise and establish some sort of subject matter expertise on a market.

We also put a ring door bell or camera on the front and back of the property with smoke sensors and decibel sensors on the interior to record high levels of noise or smoking. 

Because here is why government interference and leftist politics result in a much POORER world than free market politicsSocialism in all forms REWARDS FAILURE AND PUNISHES SUCCESSIts about INCENTIVEEverything else is just noise

They make fancier ones that include "crackle" noises and make it more realistic.

You can place motion sensors and noise sensors inside the property. 

Save your texts and such with your tenant and your calls to the police— build a record of your neighbor’s noise.