Renting Half My House

[Jake Cohen]

Hello Bigger Pockets Members,

I just purchased my first SFH (single family home) 3Bed, 2 full bath, 2 living rooms in Columbus, Ohio. The home is a Cape Cod, with the second floor consisting in entirety of a master bedroom and master bathroom (where I stay). My first floor consists of 2 bed rooms (one of which i use as a home office) 1 full bathroom, 2 living rooms (1 is where i will reside daily), and a large kitchen. I am a 27 year old man looking to expand my investment portfolio and would like to start with the following:

I figure since I have an extra bedroom, an extra full bathroom, and an extra living room, that I should rent out the other half of my home. I am looking for information on the following:

1. How to best go about attracting a quality renter (the best free platforms to market my property on)

2. How to write up or where I can find a template for a contract that sets rules, requirements (ex. no parties, 1 person per room, cleanliness, no pets, no children, no smoking, 1 parking space etc.)

3. I am wondering should i provide the home furnished or unfurnished?

4. Has anyone else done this before?

5. I feel as though encompassing utilities(gas, electric, water, wifi) in the monthly rent is the best way to go about simplifying the numbers, any opinions?

6. Should i charge application fees?

7. Should i require a security deposit?

8. What is you're opinion on this idea overall?

I would like it to be known that while the property will not be cash flowing since my mortgage is $1,008.36 and i will only be charging $750-$800 monthly. While i won't be generating a profit at this property it will allow me to build equity with another persons capital (which in my opinion is awesome), on top of that it will free up anywhere 70-80% of my mortgage payment to invest and further expand my Realestate portfolio on a monthly basis.

I already have a renter application written up but I really could use help on every other aspect of this.