Best Practices for Renting a Spare Bedroom

[Andrew Busby]

I am looking to start saving for my first rental property and I have a fully furnished spare bedroom in my primary residence to rent out.  I was hoping I could get some best practices for going about renting this room and screening potential tenants.

1. What are some initial screening questions to ask over the phone or by email?

2. How is the best way to perform a back ground check?

3. Is it a good idea to get a credit check done?

4. How many months of paychecks in standard to ask for to verify employment?

5. Where can I find a good lease that fully protects myself and my property?

7. Best ways to find out the going rate in my area for renting a single room.

6. Any other best practices or lessons learned that you think would be helpful.

Thanks so much!