Basic lease or roommate lease for house hacking?

[Griselle Monzon]

I am new to BP and always love the idea of becoming a real estate investor. I was listening to the podcast and notice we have a great tool in our hands to start our journey. We are planning to house hack our house, we have a mother-in-law suit and will like to add an extra income by making a 1 bed 1 bath with kitchen and livingroom in my house aside from the mother-in-law suit.

My question is should I do a basic month to month lease or a roommate lease to both of this rentals?

We all will be sharing the same address but all of us will have separate entrance and own privacy.

Should we rent through a company's entity or our personal name ? (For liability reasons)

Thanks for your advices in advance.

[Stanley Bronstein]

@Griselle Monzon For those of us who are fans of The Big Bang Theory, I think we should ask Sheldon Cooper to join BP and to share his roommate agreement with us (grin).