Coliving (Professionally Run Roommate Situation) on a Small Scale

[Kristine Ann]

Is there anyone on here that has offered coliving on a small scale?  Coliving is basically when you rent out individual rooms in a nice home.  It's set up for roommates and housekeeping is included.  Sometimes shared kitchen items are provided, like olive oil, coffee pods and creamer.  It's people-intensive and blends the amenities of an airbnb  with a boarding room/inn concept.  

I'm looking at a low cost of living area that's plagued with a housing shortage. My thought is to buy a large home, alter it slightly so it's set up for roommates instead of a family, and then rent to individual professionals that work at the hospital or local school district.  

Has anyone does this? Can you recommend from resources or things to consider?

[Rachel Davis]

What I do is sober living, which is a bit similar in nature. Some things that jump out at me:

1) Many cities have codes that establish the number of unrelated individuals that can live in the home, so you will need to do some research on this in your area. 

2) You may need commercial property insurance, as your insurance company will likely consider this a business exposure. This can be quite expensive. 

3) Make sure you buy furniture with a high weight capacity. 

4) This arrangement doesn't attract the best tenants. If you get a bad tenant, the rest of your tenants have to live with this person until you can successfully evict them. Have you thought about how you might handle that situation?

Hope this helps and good luck!