Renting to ex-fiance, father of child. Am I crazy?

[Katie Caldwell]

Upon purchasing my first rental property, my ex "almost" mother-in-law approached me about my willingness to offer the house to my son's father. Obviously, we are no longer together and haven't been for 4.5 years. All of us (him, me, and both of our families) are on good terms and have no ill-feelings towards one another.

We arranged split custody and share time with our son which is not court-ordered. He pays no child support, nor do I. He lives in an apartment, which is also where my son stays 50% of the time. His current rent is more than what he would pay at my rental house, plus it would get both him and my son out of the apartment setting.

My head and heart both tell me that this wouldn't be a terrible business transaction. He is someone I trust, he wouldn't be able to skip town on me and leave the house a disaster, and I trust that he wouldn't put himself in a bad situation because of our son. I will treat this as any other tenant relationship where he signs a lease that way I am protected against potential issues.

So.... Am I crazy for considering this?