College House Hack Lease Advise

[Tracey G.]

I bought a house near the college my son attends - house hacking via his college fund.  He is going to live there with three friends. The plan is that my son and I will be listed as the landlords and the other three will be our tenants. Currently it is on a third party lease that we will be terminating at the end of the current term so our group can move in at the end of the school year.

The tenants will be signing a joint lease and their parents will be signing a cosigner agreement. Standard leases near this school are 12 month June - May and we will be doing same.

I have minimal concerns about problems getting along, parties, etc., as they have been together in dorms for 1.5 years already but you never know what can happen.

Looking for any recommendations/suggestions of things to include for this house share lease.

[Colleen F.]

It kind of muddies the waters on joint damages if he is landlord and tenant. It is not just parties, houses have more possibility for damage. It is not dorm living. If a window or door is broken and you dont know who did it, who pays, it could be your sons damage, does he share in the cost? I would advice that damage deposit be clear and he be included. Let him work out with his friends when he is not responsible. I would advise direct ach transfer of rent so no one is collecting. Also specify utilities and how they are handled. Be prepared for the parents who may percieve you as the parent who bought his kid a house and therefor can absorb some costs. It can work but there are alot of people involved. I would also think about parents as gaurantors of payment rather then cosigners.