Advice and experience wanted!

[Jennifer Watson]

Hello, my husband and I are interested in renting out a guest bedroom and bathroom on the side of our home. We have four small children. Rules would need to be established. The guests we would be renting to would be medical students. My husband was a medical student before becoming a physician and feels he has More knowledge with this guest basis. What are some things that we should know? Month-to-month contracts? Damage deposits? Common space? 

[Ray Hage]

Quote from @Jennifer Watson:

Hello, my husband and I are interested in renting out a guest bedroom and bathroom on the side of our home. We have four small children. Rules would need to be established. The guests we would be renting to would be medical students. My husband was a medical student before becoming a physician and feels he has More knowledge with this guest basis. What are some things that we should know? Month-to-month contracts? Damage deposits? Common space? 

 does the unit have its own entrance? If not, it would be a bit weird. You could do a M2M contract with a security deposit equal to one month's rent. For common space, do you mean outside or inside? I think it would be a bit tough if they will be using your kitchen, living room etc. Need some more details to advise