Rent by the room to family

[Kevin Galimba]

Hi team,

I recently closed on a 4 bed single family property in Jacksonville. My plan is to live in it for a year and buy another property afterwards. For the meantime, I'm planning to rent out the three rooms to my dad and two brothers.

What do I need to know in terms of the lease agreement and taxes that I need to declare?

Also will the lender for my second house hack consider that as a 1 year experience of managing a rental property?

Thanks,

Kevin