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You have a studio apartment in a university town that would just be perfect for your niece -- she's starting college next semester. Her mother, your sister in law, has been talking to you about letting her stay there.
You do want to help but you are not sure how to handle this so it does not turn into a financial loss or a family feud. Here are some do's and don'ts for renting a room or apartment to family members.
3 Tips for Owners
Homes and Castles
Whether you live in the home that you will be sharing with family or friends or you are considering renting out an investment property to them, it's important to get an impartial party to review any agreements and let you know where you might be taking a risk. Just as you wish to protect loved ones and friends, protect yourself. Do not take financial risks to assist another in need.
Talk to a Lawyer
If you are considering renting out a room or an apartment to a family or friend, talk to a lawyer. An attorney can advise you, provide impartial review of any agreement, alert you to any issues you missed, and help you with paperwork. Get guidance.