You didn't say anything about whether the lease or local laws actaully allow you to do this. 

@Mindy Rosscup, you want a contract that is specific to the laws of your state.

Next year, your income may change; your family or tax situation may change; tax laws may change.

The cost of renewing an LLC or changing the title is absurdly cheap unless you have one of those law firms that advertise a lot and have a huge advertising department and claim to have a secret sauce that guarantees protection. 

Most cities do not allow "boarding houses" and/or have a "no brothel" law. 

With all my respect, most real estate agents have no clue what the laws are.

Because FF is not a booking platform, make sure you follow all applicable fair housing laws when talking to potential residents.5.

Downside is good cause eviction law passed back in the fall.

It is my understanding that a CPA is only responsible for making sure you follow all the laws when filing taxes, but there is another role that is responsible for tax strategy and focuses on tax savings. 

Choose non-judicial foreclose states with pro-business laws like Texas and Georgia.I have several high worth individuals who fund rental RE in GA earning 7-8% APY on 5 to 10 year terms.