Need Advice: House Hacking SFH

[Fred Hess]

Let me give a little background: I am a 22 year old college grad (as of May 2019). I recently purchased my first home with my also 22 year old recent grad girlfriend. It's a 3 bed 2.5 bath town home. It is currently just the two of us living here and we split all costs of living 50/50. We've been here roughly 8 months now with no issues. All of our friends that went away to college are now moving back in with their parents, and I am seeing this as a great opportunity for us to rent out one or both of our spare bedrooms to our friends. Currently, one room is being used as a spare, and the other is being used as an office for my home-based small business. I've done some research on 1 bed 1 bath rentals in our area and they generally rent for $1,000-1,250/month.

What I need advice on is the following: 

- Any cons of renting to friends? I've known most of them my entire life and have even lived with some of them in the past so I don't have many concerns at this point. 

- How can I determine a fair price to rent the rooms for? The current cost of the mortgage + utilities is roughly $1,600. I would obviously expect a slight increase in this number with additional people living in the house.

- We would all be sharing a kitchen which is moderate in size. How can I handle the cost of food? Do I include it in their rent and just food shop for everyone? Should I leave it up to everyone to provide their own food? We currently spend roughly $400/month to feed the two of us.