House Hacking - treat your roommate like a tenant?

[Victor So]

Hello BP! My fiancée and I just closed on a 2 bed/ 1.5 bath condo on the north side of Chicago, right next to Loyola University, and it is currently in process of being rehabbed. It should be fully renovated in a couple weeks and we are considering house hacking by renting out one of the rooms (perhaps to a college student?). For those of you who have experience with house hacking, what would you suggest I do to ensure a smooth, pleasant house hacking experience? Should I treat my roommate like a tenant and go through the same procedure in acquiring a roommate as I would a tenant (go through tenant screening, application, have tenant sign a 1 year lease, etc.)? Is there anything I should particularly watch out for or be concerned about? Where should I advertise for a roommate? Any advice would be appreciated! Victor

[Linda Weygant]

Originally posted by @Brent Coombs:

Short answer: yes - financially, treat them like a tenant (if the HOA rules even ALLOW sub-letting)!

I've seen enough Judge Judy episodes to have learned one thing: get EVERYTHING in writing!

I'll leave it to others to suggest best methods to advertise. All the best...

 This is not subletting.  Subletting is when one person rents the property from an owner and then rents it out to others from there.

This is just "getting roommates" or "househacking" as BP has termed it and no HOA can prevent you from getting roommates. They can prevent it if you don't live there too, but as long as you live there, it's permissible.