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Updated about 3 years ago,
How to space out monthly payments?
I've been searching for an answer to this but have been struggling with finding a clear and concise way to ask this question. I'm a new homeowner looking to house hack (rent out the rooms in my home individually), and I'm curious as to how I should set up payment dates. I'm looking to do a month-to-month lease situation to start out. All of the rental agreement examples I've looked at default to a yearly one, with a "pay on the 1'st of the month" kind of description. What I'd like to know, is how that works for shorter months? Is someone paying the same amount for 28 days in February as they would for 31 in January? That seems a little unfair to the tenant. I was thinking about doing 30-day cycles, but I could see that becoming very messy after a few months date-wise. Thank you in advance for your help!