Renting out Rooms in rental property - students

[Gayle Eisner]

Hi:

I just bought a rental property a while back and it is now vacant. My daughter is a college student and she asked me if she could rent a room in the 3 br house and find other students to rent the other two rooms.  I know other people do this but this is one of my main sources of income and I am hesitant...  Can anyone give me some advice here? Should I have individual lease agreements for each tenant, and should they be for one year?  My daughter is responsible, she is 25, but still....?  Thanks! Gayle