Hey guys, was just wondering what kind of overnight guest policy others may have when it comes to renting out rooms in your home?

Not everything has to be fixed up front, unless safety and living standards is compromised. 

Some or most outlets are most likely not up to current safety standards, and could need replacing in order to prevent any liability if there is a resident injury or fire related to non-GFCI outlets.As far as the LLC goes in protecting you, at the end of the day it is not too hard to pierce the corporate veil if someone really wants to get aggressive with litigation so I would do it but not expect to be completely protected from any and all things that can go wrong.The laundry pitfall is a great opportunity to force appreciation by installing a laundry room down in that basement and increasing that NOI.

Much of this money is retirement money for the true private lenders, so rest assured they will be very very careful of who they lend their money too, and the safety of the deal for them....and it will have to pay them more than they could get with safer alternative investments.Maybe you can reduce some of those costs if your first duplex is paid off and you're willing to use that as collateral.Can you borrow today against the duplex?

I put it in everyone of my leases to provide a copy of a current policy.

I’d like to understand if all lenders have the same policy, so I can work toward another alternative.

These include "this is a crime-free property," "smoke-free," how long a guest can stay and how frequently (sometime the guest isn't a guest but someone who has moved-in permanently), pet policy, specifics on reporting maintenance, and more. 

That would offer some safety from a rise in rates.

Do Title policies generally cover unrecorded easements?

Makes sense if you are making payments on the insurance...but the requirement is to have the policy paid for the year prior to closing the deal...would this change anything for you?