Rental Income from Roommates

[Brian Smith]

I have looked through the forums a bit but couldn't find an answer to my specific question. This might be a silly question with an obvious answer but I over-think everything, so I was hoping some of the great minds of BP could offer insight or personal experience.

My question is if I have roommates living with me in my primary residence, and they pay rent, what do I need to do in order to be able to claim that as rental income when it comes to dealing with banks/lenders? My hope is that this extra income can help to improve my debt/income ratio.

I plan to have them sign a lease, and pay via a check or other track-able method. Is there something I am missing? I'm sure I am! Does it need to be zoned differently? Do I need different insurance? Any insight is much appreciated!