Advice for first Rental Property

[Eric Swanson]

Hello all!

Starting in September or October I will be renting out a 1 bedroom condo in one of my local areas. Very excited to see where my real estate journey takes me. In the mean time, a local resident in the complex offered to "rent out" my parking space that I have in the heated garage. Just wondering what your guys thoughts are if I should create a contract to agree upon that states approval for rental of the parking space on a month to month basis and the landlord (aka me) can cancel and reimburse the tenant for any unused days in the event of a new Tenant moving into the condo while we prepare the unit for cleaning, organizing and anything else that needs done before we officially rent it out.

Looking forward to everyone's input and advice!

Was thinking I don't want to start out first with "a verbal agreement" between me and the neighbor to rent out the parking space because I can see that not ending well for any reason. 

Eric