Renting out Rooms in rental property - students

[Gayle Eisner]

Hi:

I just bought a rental property a while back and it is now vacant. My daughter is a college student and she asked me if she could rent a room in the 3 br house and find other students to rent the other two rooms.  I know other people do this but this is one of my main sources of income and I am hesitant...  Can anyone give me some advice here? Should I have individual lease agreements for each tenant, and should they be for one year?  My daughter is responsible, she is 25, but still....?  Thanks! Gayle

[Joshua Diaz]

I'm not involved in student rentals but one cool tip I've read is to get the students already in place ( in this case most likely your daughter) be involved in the interview process as a final filter.  That made all sorts of sense to me because if the students don't get along from the start, you are gonna have a bad time trying to play peacemaker in that situation.