Set Boundaries

• 1). Decide how much of your home you can lease to visitors. Your entire house or apartment? Or just a room, suite or floor?
  
  
• 2). Take measurements of the space to determine the approximate square footage.
  
  
• 3). Research nearby hotels and bed-and-breakfasts to find rooms and suites that are comparable in size and location to your home.
  
  
• 4). Set a daily rate for your space that is competitive with local hotels. Your price should be lower since you will not be offering meals or cleaning services.
  
  
• 5). Research the Internet for simple rental agreements or sub-lease forms. Download and tailor a document to meet your needs. Make the language as specific as possible for your would-be renters.
  
  

Find Renters

• 1). Set up accounts with local online classified services. Check out your local newspaper's website and Craigslist.org, but don't limit yourself to the most popular (see link below to a Masters-specific rental page at a newspaper site).
  
  
• 2). Create an ad that you can post online and email to friends and family. The ad should include clear photos of your space, your non-negotiable daily rate and any amenities that you offer (free parking, in-house gym, cable television, etc.).
  
  
• 3). Set up an account with an online third-party merchant like PayPal. This will allow you to accept credit cards in addition to cash. Don't accept checks from people that you do not know.
  
  
• 4). Authorize credit card transactions on the first day of the renter's stay to be sure that funds are available.
  
  
• 5). Present copies of your renter's agreement or sub-lease forms to your renter. Keep a signed copy for yourself.