Tips for converting basement into storage facility?

[Edward Stephens]

Dear BP Family,

I recently got a roommate at for my 3b/1.1ba half duplex.  We both share the basement.  I want to lease my basement to someone on a monthly (or weekly) basis for storage purposes only.  I am posting an ad on Craigslist now, but before I pull the trigger, what advice can you guys provide?  Have any of you done this before?  Here are some of my initial thoughts:

1) Get a contract, preferably the kind used at a self storage, then amend it and have it reviewed by an attorney with knowledge in this field.  Have a clause in the contract stating I'm not responsible for damaged property.

2) Read my insurance policy to ensure I am not violating my insurance

3) Don't give them a key.  They are able to access the basement the hours I'm home and by appointment only. 

Any additional help/advice would be appreciated!