How to collect rent when house hacking and renting rooms

[Marsharen DuPont]

Hi BP family,

Just a quick question. I'm in the process of searching for a home to house hack and will most likely be in the position of renting out rooms since duplexes/triplexes/quads are hard to find in the area. When househacking and renting out individual rooms, how does one go about collecting rent? Should it be through an online website? Should the money be deposited into a business account? Also, how do leases work in this instance? Looking forward to feedback. 

Thanks!!

[Chace Fraser]

@Marsharen DuPont congrats on starting the process to house hack! Like @Ben Sears said, Cozy.co is great and it's what my wife and I use. We opened an online checking/savings account with ally bank. We have the rent deposits go into the checking account, we deposit our "rent" into that account, and have the mortgage payment come out of that account as well. We keep the balance on this account equal to 3 months worth of mortgage payments just to ensure we have enough cash to cover a mortgage payment if someone's late on a rent payment.