@Zach Perry- thanks for the post   1)  get  formally  pre approved  in order to educate yourself  regarding present rates /  and  numbers   2) to make sure you have a loan / financing in place  ...without a loan - its tough to take the  next step ...good luck and let me know if you would like a loan officer  referal for your area

My wife has a formal degree in design where whe loves creating floor plans and building/renovating homes.

If your tenant does happen to be a professional at doing the task at hand then I would work up a formal agreement to pay him for the work he does, but keep the rent the same.

A few of us drafted a letter, not saying something threatening such as "stop or else", but formally requesting that he pay his share of our service. 

Or for those who need more formality, many good real estate courses available.

For the 12+ years I have spent in formal training, no one has ever introduced this topic along the way except for maybe on a slide somewhere at a benefits orientation lecture.

However if  you want the liability protection of a separate entity then there are certain formalities you have to follow.

.+ Formalities can be taken care of very easily, they are using the online system called DocuSign and you can sign everything online.

-We have heard that we are super "extra" since we rent by the room and people aren't use to being so formal with room rentals, but we have established the rules and formality from day one.

@John Clark and as with any corporate structure if formalities are not followed the veil can be pierced.