(This is about taxes)You need a Zoning Permit for Visitor Accommodation:To rent your home for stays of 30 days or fewer.If the property is not your primary residence.Housing requirementsSmoke alarms must be installed:In each bedroom.In the hallway in the immediate vicinity of the bedrooms.On each floor of the home, including basements.Carbon monoxide alarms must be installed:Within 15 ft. of the entrance to every bedroom or within 15 ft. of a bed in sleeping areas if there isn’t an enclosed bedroom.Centrally on a wall or the ceiling, but not directly in front of a door to a bathroom or within 5 ft. of a cooking appliance.Under the installation requirements for smoke alarms if they are combination smoke and carbon monoxide alarms.You can’t post signs for lodging on your home.The home can’t be occupied by more than three people (including the owner and renters) who aren’t related by blood, marriage, life partnership, adoption, or foster-child status.You cannot change your house so that it no longer resembles a private residence.Information you must provide your rentersRenters are only allowed to have guests between the hours of 8 a.m. and midnight.You must tell renters the trash and recycling collection days and any trash disposal rules and regulations.

Other than that @Dave Foster can hop in here and give his opinion. 

Quote from @Dave Foster: @Myrtle Mike Thompson, I had to vote for your post just because of your name!!! 

@John Foster feel free to reach out we’ve been investing in Rochester for 10 years.

I’m 32 and female, so that’s a biological countdown(although I know I want to foster/adopt also) I’m not against being a single mom(adopting before finding a partner) but my career(forensics with the Sheriff) keeps me on call and out in the middle of the night at crime scenes so I would need a strong community support to sustain the child until I can have 100% passive income. 

Get in touch with Dave Foster here on Bigger Pockets.

@Dave Foster Can help explain further as you will need a QI anyway.

@Dave Foster Agreed, there are a variety of options here.

@Dave Foster ??

@Sholei Foster No!