Wiktionary
gut rehab
n. A major restoration project on an old house or other building, ripping out plaster walls back to the studs and rafters and replacing them along with some or all of the trim, windows and doors, plumbing and electrical systems, exterior siding, roof, etc.
Usage examples of "gut rehab".
By acting as their own general contractor and doing most of the work themselves, they'd managed to hold the cost of the gut rehab they'd done to another four million, so-well, you can run the numbers yourself and see what a bargain they'd got, with enough square footage to give him the HO-gauge equivalent of fifty miles of railroad track, while she had plenty of room to show off her treasures, including one of the very first McCormick reapers.