Rent by the room as a couple

[Joe Paul]

As a support to house hacking, my wife and I are considering renting by the room (no kids, two dogs). Right now our market supports this strategy and gives us a more skin in the real estate game versus chasing down MFH. We plan on starting with the bonus room of our current SFH then purchasing another SFH in the next 6 months with 5-6 beds to continue this strategy.

What are the biggest considerations would you take with renting by room? Has anyone started with rent by room then shifted to another strategy? What's the best way to legally outline boundaries? Something I also haven't been able to get clear on is what renting by the room looks like after we (primary residents) leave. 

Thanks for your thoughts!