Renting a Room questions

[Daniel Ricci]

Hi all!  I'm in the process of purchasing a condo in Davie near the school I'll be going to (Nova Southeastern University).  Its a 3BR/2.5BA townhouse.  I'm looking for a roommate to help cover costs.  I have a lead of another student who is interested in renting a room who is in the same program as I am (medicine).  After looking over some other posts, I have utilities factored into the rent and I plan on doing month-to-month just in case.  I've consulted with the lawyer who is handling the title and he will give me a lease that I can use and go over it with me.  I do have some additional questions that maybe you guys can answer:

1.  Do you think it is necessary or wise to open a business banking account?  I figure that should keep all the finances separate just in case.  All the rent he pays would go to the business account.

2. Should he carry rental insurance for his room and stuff?  (My lawyer advised I call my insurance company, but I'd like to know other peoples experiences as well).

Any other tips, advice, words of wisdom will be helpful.  This is my first time being a landlord and I'm from out of town.  I want to make sure I don't do something stupid or, worse, illegal.

thanks,

Danny