My wife and I are looking to rent out our 500sq/ft basement, it has all the amenities of an apartment but does not have independent access. So when renting it we would treat this like renting a room out in our home right?

What are the provisions you use in your lease for this kind of rental and how does it differ from a regular rental? 

I assume that you can be more discerning in picking your tenant since you are going to be sharing some living space with them. Do you still have to give 30 days notice to vacate or if they are making the living situation uncomfortable can this be skipped?

If I could get a little insight on this from someone who is already doing it, it would be a great help.