House Hacking....in a condo?

[Jason Wu]

Hello to all the greatest and awesome people in BP!  I am new to investing in real estate and I am planning to take my first step to put my investor hat on.... Condo Hacking.  I own a two beds two full baths condo in La Habra California for my primary use now.   My wife and I would like to save up more for our first investment rental and we both agree to rent out the master bedroom as we don't use it as much as we originally planned to.  I have never been a landlord and the more I think about this the more questions I have. I thought maybe BP can point me to the right direction:

1. Is this a good idea?
2. Where do I start?
3. What am I looking at in this situation and what should I be aware of?
4. Do I need a lease to rent out one room?
5. What else could I be missing?