Help setting up a lease for rent hacking

[Meagan Peters]

Hey everyone, I recently moved into a two-bedroom condo in Guelph, Ontario and I am renting out the second bedroom.

I am renting the condo (I don’t own it) for $2000/month but I will be getting $1250/month (from my roommate. I was wondering how to set up a lease for this type of situation or if anyone had a template for rent hacking that they might be able to share.

Also, should I tell my roommate that they are paying more than half of what I’m paying to the landlord? It’s fair rent to comparable units in this area so it’s not like I’m taking advantage, I’m just trying to limit my personal expenses. I want to be as transparent as possible, but I feel like it might be really awkward and possibly lead to arguments down the line which I want to avoid since we’ll be living together.

Thank you for any advice you have on how to format a lease for rent hacking and how much information to disclose to them.