Rent Per Room: Recently Closed Duplex

[Bjorik Mutize]

Hello all!

I have finally closed on my first duplex in a local city(second property, yay!) and i just had a few questions on some strategies to increase cash flow.I'm going to be living in one unit, and renting out the other. This is a fairly large duplex being a 4/1 lower unit, 3/1 upper unit.

I have finally found tenants for the lower unit, which agreed rents allow me to cash flow a little when expenses are said and done.I was just wondering on strategies to utilize the additional space in my unit(3/1) while i'm living there, and i was thinking about renting out the 2 additional rooms.

I plan on managing the property myself, i was just wondering if anyone can give some basic pointers on doing this. Also, can i just use the same MN standard lease format customized for the speculative roommates? What would i need to watch for compliance wise? Determining rents per room, would i just again use 3/1 market comps?

Thanks. I know its a wide scope question. Just wanted to see poster's opinions as i'm doing my research on it.