What are the pros and cons of renting out a part of your primary residence?

[Kyia M.]

I'm thinking that this may be a good way for me to start in r/e.

[Kyia M.]

Thank you all for your responses! @Silvestre Madrid, I think it would be good because It seems like the easiest way to get started as my funds are really low. and by really low I mean non existant. :-)

@Kanise Kelley and Steven Walter My house does have a separate entrance. There's actually 2 separate entrances to that part of the house as one of them was temporarily sealed. I would like to eventually move elsewhere and turn the home into 2 units. a basement apartment and the upper 2 stories I would like to remain the same (3 bedrooms) to accommodate a single family. Privacy is very important and so is being able to walk around "scantily clad" LOL. I wouldn't have considered this if there was not a separate entrance to the home.

Mehran Kamari Thanks for mentioning a lot of things that I hadn't thought about such as screenings, bookkeeping and maintenance requests. . .This is all good stuff!

Thanks again for your input. :-)