House hacking by the room

[Chris Hodge]

Hi BP,

I currently have my first property under contract with a conventional loan with my bank. I do not plan on living there for more than a year. I will be making it a rental but I would like to have some room mates to help pay the mortgage while I live there.

My questions are if i do find roommates, do I do a lease agreement like a regular rental? Am I allowed to rent my rooms legally immediately after purchasing the property?