House Hacking - treat your roommate like a tenant?

[Victor So]

Hello BP! My fiancée and I just closed on a 2 bed/ 1.5 bath condo on the north side of Chicago, right next to Loyola University, and it is currently in process of being rehabbed. It should be fully renovated in a couple weeks and we are considering house hacking by renting out one of the rooms (perhaps to a college student?). For those of you who have experience with house hacking, what would you suggest I do to ensure a smooth, pleasant house hacking experience? Should I treat my roommate like a tenant and go through the same procedure in acquiring a roommate as I would a tenant (go through tenant screening, application, have tenant sign a 1 year lease, etc.)? Is there anything I should particularly watch out for or be concerned about? Where should I advertise for a roommate? Any advice would be appreciated! Victor