Renting by the room, not unit

[Paul Mutch]

Has anyone rented by the room rather than by the unit?  I'm considering buying a property near a university and can get much better cash flow if I rent by the room.  I know there are some pitfalls with this approach.  I'm curious if anyone has done this, what issues I should be aware of, and how you have handled things such damage to a common area that is not normal wear and tear and how you determined who pays for it?

Thanks.