Journalist Sarah Mahoney related how some single women (often newly-divorced or widowed) have decided to house-share to lessen some of their financial burdens. Much to their delight, many of them have found that living with a friend or even a stranger has also increased their quality of life.
The home or condo owner needs to run a credit report and ask for a security deposit. With the help of an attorney, the owner needs to clarify all the rules and conditions so each party is protected by law.
The renter should interview former lodgers and check on zoning or association rules. In addition, there should also be an agreed-upon trial period.
Rental income is taxable but depreciation is a tax-benefit for improvement and repairs.