@Isaiah Williams are you thinking of doing it via Airbnb or VRBO or are you talking more long term rental? If long term, I'd treat it just like any other rental and do a thorough screening. The tenant screening offered through this site is one of the best I've found. If you are doing short term vacation rentals then I'd first start with checking into local regulations to make sure the city (or HOA if you are in one) allows that. Then do a ton of research both on this site and places like YouTube which has great videos on setting up STR's and what you need to do in order to get good reviews.
@Isaiah Williams I'm not a lender or an attorney so please verify this - what I've been told by the lenders I work with is that FHA requires owner occupancy for one year and after that you can rent it (again - please verify as this is what I've been "told"). You wouldn't be able to use another FHA loan to buy a second property while you had an outstanding FHA loan so you might consider refinancing. Conventional now has some lower down payment loans as well. If you end up just staying in your house, I'd just find a full time roommate - maybe a local college student. I think you'll find it hard to rent to someone for 3-4 months at a time.
Sounds like a perfect Airbnb situation. You get money on the weekends that you won't be there, don't have the hassle of roommates and, god forbid, late payments/evictions. Plus, with Airbnb you wouldn't run afoul of the 1 year requirement, which you might if you left and rented the whole house. You make more per day from AirBNB than renting so even though it's not rented all the time, it still might be close in terms of what you get vs what you give up.
@Isaiah Williams I used to rent rooms out in my personal home. One big thing I learned is that it's much better to only do month-to-month leases. This way, if your roommate is not a good match for you, but they're doing nothing that violates your lease, you can just give them the 30 (or 60 day if that's what your location requires) notice to vacate immediately. If you have a longer lease, you'll be committed to dealing with that situation unless you can get them to agree to move out sooner.
In our leases for the extra room(s) in the house, we made sure to spell out everything such as what was common space and what wasn't. Where they could park. How utilities were split. For example, our tenants had no access to the garage nor could they park in our driveway. Street parking only (we had exceptions when unloading lots of stuff from their car of course).
You want them to be clear on what they must keep clean. Their bedroom of course. If they have their own bathroom, it needs to be kept clean. The bathroom my housemates used was also the guest bathroom and I expected my guests to not be disgusted when they came over. I also would ask they they help me keep the kitchen clean.
We advertised on Craigslist and roommates.com and at work. If you're in a dicey neighborhood, I highly recommend you screen as you would any tenant. Also when they come to see the place, be sure to chat with the person to get a feel for what they're like. Do they seem relaxed and flexible? Do they seem picky? You want to like the person you share your house with.
Don't be afraid to decline people. Being this is your personal home, you can safely be a little more picky. I had a military guy who wanted me to add quiet hours and laundry hours to the lease. I determined we were not a good fit for eachother and kindly suggested he might be happier elsewhere. While I'm not loud, I also don't want to feel like I"m on eggshells in my own house. And laundry hours is just silly to me when we're all adults.
Hope this helps!
To add, yes, you can rent out a bedroom or 2 on day 1 of your purchase even if it's FHA because *you* are living in the property. You don't even need to mention that you're renting rooms. You'll just make them suspicious. If you're just renting rooms out in your primary residence, that is your own (and the tax man's) business. No one else's.
We rented a room in our personal home from day 1 (and recently stopped a couple of years ago).
@Isaiah Williams You're welcome! The contract/lease can be any standard lease for your state so that it reflects your area's laws, and then you can just add to it as you see fit to reflect things like how utilities are split, parking, etc. You can probably find this online. You can definitely find it here on BiggerPockets because we have the lease templates for most states by now. I think it's free to PRO members but for purchase to other members. Just take a peek around for it. You could have an attorney draft it up but probably no need being there are likely templates out there already for you. These templates are typically for an entire property, so you can just edit it to clearly reflect the person is renting a room and you can define common areas too if you'd like (such as kitchen, living room, etc).
We personally split the utilities by the number of people living in the house. So some bills were paid after the fact of course...but you just provide a copy so they can see how you came up with the numbers.