Renting by the room strategy

[Sam Zawatsky]

I currently have 2 rentals that I am renting out with yearly long term leases. Now, I am looking into purchasing a home with a low down payment residential loan and living in a room of the house, while renting out the other 2 or 3 rooms individually. I have a lease that I have been using for the yearly leases, but am wanting to start the tenants off monthly and see if they are a good fit before offering a longer term lease. Is there a good way to do this so that they cannot try to stay even if they are unwanted ? I feel like if they do not have a lease, then they may try to squat or stay in the house without paying.