I have a pretty big house (1500sq ft) that is almost complete in renovation. 

3 bedrooms 3 full bathrooms w/ garage and full unfinished basement.

We are thinking of renting it to a large family but also exploring the possibility of renting it per room. Got tons of questions! 

What are the laws that I need to be aware doing that? Of course, it wont be a single family dwelling. 

How do you split the utilities? I can probably cover water, but how about electricity? 

When applying for insurance, is it a huge difference? 

If you have experience on this, besides the higher cash flow, what do you like about it? Whats the most challenging aspect? 

I am an investor based in Winnipeg, Canada.