Renting to college kids, owner occupied/ how liable am I?

[Michael Johnson]

Im planning on buying a single family house in Fort Myers, Florida, and rent it to college kids. Rent out the rooms and I'll live in the garage (dream come true kinda).

NOW, if I tell the tenants, "Sure have people over but if you are going to have alot of people over, do it out back (basically no raging parties inside). Get it out of your system. Without destroying my house with people you dont know."

BUT THEN, lets say someone is underage and the party gets busted. How can I keep myself safe from that kind of liability.

of course the easy answer is "no parties" but Im looking to protect myself from the unknown unknowns, The ridiculous things you dont see coming. 

I appreciate all advice, thanks in advance!

[Mindy Jensen]

@Michael Johnson , someone mentioned having a corporation. If you live in the property, a good attorney will easily be able to "pierce the corporate veil" giving you essentially zero corporate protections. Get excellent insurance, require insurance policies with YOU as a beneficiary, and make sure you don't exceed any unrelated adults living together limits. Those are usually imposed by the city in which the property is located.

Allowing any sort of party at your house is a HUGE risk. I'd make 'No Parties' a term of the lease. You want boring people living in your house, not exciting ones. The exciting ones are the ones who do extensive damage and have no money to pay for it.