Can this be legal?

Is it legal for me to help pay for some of the repairs and remodeling and then live rent-free for a year or so?

., roofs and boilers and other big items), vacancy, legal costs, CPA costs (you'll have to file taxes in the US and in NY.)What's rental demand like in that area?

A legal document would be written absolving me from any obligations.

I called the Justice of the Peace in my county and they said it happens all the time and is perfectly legal.

You did not list a vacancy factor, accounting/legal expenses, advertising etc. unless that is grouped someone in your figures.

What are the legal steps?

You might try Stevens-Ness legal forms.

I have a 3 bedroom Single Family Home for rent.There are 3 persons (friends) that want to rent the home and split the rent.My question revolves around how I should legally structure the lease.I am thinking I should sign the lease with 1 of the 3 persons, and that person is responsible for collecting and paying the full rent.

You don't need to get a license, but such classes will teach you what they can and can not do, what is legal and what is not and how deals are done.If you need someone to open your house, have a relative do it, maybe the neighbor or just a friend, but not a Realtor.