Rent by Room-Colorado

[Jonathan Marsh]

Hi all, my wife and I are interested in purchasing a rental property in Aurora (just outside of Denver) and renting out each room individually. We already have rental properties in the area; all of which are rented as single family. Has anyone done this? What are the pros and cons of doing this? I know it will be a lot more work, but we are prepared for that, knowing it can potentially be a lot more money as well. My main concerns are structuring leases to ensure everyone is following rules/regulations in the house, issues that come up between tenants (I don't want to play the mediator) and adhering to housing laws as ideally each room would just have one individual. Any thoughts, insights, etc. would be greatly appreciated.