Rent by Room versus Rent by Whole House

[Jonathan Marsh]

I have some single family homes in Aurora (just outside of Denver). Currently, they are all single family homes rented for around $2,100-$2,300. I have one lease coming up and was considering renting by the room. I figured on a 4 bedroom, I could probably get around $800-$900 a month per room and effectively $3,200-$3,600 total per month. From a monetary aspect, the upside of doing this is obvious. I was wondering what some thoughts are from those that have utilized this strategy. What are the pros and cons and how do you manage having 4 potential strangers living under one roof? Thanks in advance!