House Hacking in Indianapolis

[Jason Powell]

I'm considering doing a house hack - renting out a vacant bedroom that I have in my 4br/2.5ba house. I have two kids, so I'm giving extra caution to this step.

Is anyone aware of any Indianapolis restrictions for house hacking (renting out rooms), or any other thoughts/recommendations that come to mind for this scenario?

[Jean Zipagan]

@Jason Powell I'm renting out a room here in Indy, but am not in the same boat as you since I don't have an HOA. With that said, I went through the full tenant screening process, lease agreements, security deposit, renter's insurance, sign off on Indy tenant-landlord rights, and the works. I collect all rent through Cozy for ease of documentation and not have to deal with paper checks. I cannot comment yet on what this looks like come tax-season and implications on reporting rental income (plan to speak to an accountant to manage that). From my experience, renting out rooms to non-relatives is a super common thing in Indy, even among rental SFRs.