The first being - don't bring your friends or family into the mix :)Since it sounds like you're pretty solidified in your friend moving in, and it could be a good first roomie, so just to get your feet wet... i'll double down on Laura's advice - do a lease, for the legalities, but i also highly recommend some sort of written (we call it a) Room Mate Agreement.

@Jeremy Bloom  the rag on the thermostat can be beat by placing a remote thermostat that is set to the legally required temperature with that remote thermostat actually controlling the temperature.

I mean let's be real, about 80% of the complaints investors on BP have about their property manager, contractor, turnkey co, Realtor etc.... are just nonsense.

If things go truly south, you may as well invest in dry goods, it will be worth more.Cryptocurrency is not regulated at this point, until then it provides a free way for anyone to move money between countries tax free; convert illegal gains from criminal enterprises, legally hide business profits as it's not recognized as money...

It could also mean that you are opening the door to a lot of complaints in the future.If you do not fix it and then there is strained relations with the tenant it is the way to start a business relationship with your client.

They’ll handle setting up your legal entity and obtaining your EIN (Employer Identification Number).

Judges hear this all the time and give little to said complaint.  

selling notes do not have to get permission from the payor on the note to be legal nor do they have to notify but its common to notify so you know where to send your payment.

Being novices in the game we do not have the legal or business background to know where to begin on accepting funds.

It really helps to speak to someone at the agency because they often will give you recommendations on how to do what you want to do legally.