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.

[Casey CJ Noble]

Certainly implement a month-to-month lease!  I believe current laws stipulate the landlord just needs a 15 day notice to end the arrangement, so if it doesn't work out it could turn over fairly quickly, assuming no eviction needed or substantial damage done.  Downside is most tenants are going to want a longer term starting point if they're moving into a new place.  Hope that helps!