Advice needed! Plan to rent out own rooms.

[Brian Augsberger]

Hello Everyone

I work for a private lender in Philadelphia, but have never been on the opposite side of the transaction as the investor. In the semi-near future, I plan on purchasing a house in Center City Philadelphia. The early plan is to purchase one with 2-3 bedrooms, somewhere in the purchase price range of 250-315k. I'm fairly young so I'd like to rent out the additional rooms to generate income from rooms that would otherwise be vacant.

My question is pretty vague, but I'm wondering what I would need in order to proceed with this idea. Are there specific laws I need to be aware of when renting rooms out in my own home? Limits on charging rent? Can I limit my leases to a year in the event of unforeseen events in my own life (marriage comes to mind)? I'm sure there is plenty I am not touching on, so any and all advice pertaining to your own experiences or otherwise is much appreciated! Thank you.

Brian