Not many people in Wisconsin know if you go buy the landlord forms from Office Depot (http://www.officedepot.com/a/products/677983/Adams...) and have to evict many of your forms will be thrown out in court and your lease will be treated as month to month.   

So treat it like one.

My wife and I run the property management company and being investors  we treat all of our  customers rental properties as if they were our own .  

I have treated this as more of a hobby over the past 20 years. 

These people will treat your place like a castle!

If you're doing it per bedroom, then each bedroom is treated as a unit and your calculations would look more like this. 1 month = 4 units available | # units vacant2 month = 4 units available | # units vacantand so on for the 12 months...So you have 48 total unit months available for the year (4x12).

Take the time to attend some LTB hearing to get a feel for how landlords are abused, I mean treated.

Here is a list of the things we think need to be done, and in the order we are thinking:New wood flooring in most of the house (leaving carpet in all bedrooms except master)Update master bathPaint most roomsUpdate guest bathChange glass panes on either side of front doorRemove florescent lighting in kitchenAdd patio w/ cover in backChange out brass fixturesAdd shelving and mudroom type bench to laundry roomAdd outdoor kitchen to complete back patioChange out white oven and microwave for stainless (the rest of the kitchen has been updated w/ stainless and new counter-tops) Other odds and endsAs you may have figured out already, we clearly would like to do more to the house than what our budget will allow if we were to treat this as a flip. 

From what I've been gathering in my on-going education in real estate investing is that when you are evaluating the multi-family property you plan to reside in and rent out the other units, you treat it as if you weren't living in it and count the rent when calculating the gross income and cash flow.

Im treating this experience like college lol.