I am wanting to rent a spare room in my home for people on vacation or temporary place to stay. Additionally I will be offering to rent my car and/or truck. What is it called when people do this? What steps should I take and any suggestions on this.
It would be called foolhardy to rent your vehicle. Your vehicle insurance will not cover a wreck if someone else is “renting” the vehicle from you.
If you plan on renting out a room in your home, be prepared that you will be stuck with some melons. In general, a person who has a job isn't going to want to just rent a “room” out of a strangers house. In some situations like college students, they may be more apt to rent a “room”…..but if there are no colleges near you, then you won't have that population from which to pull. If you do decide to rent a room……..then you need to have rules spelled out, especially when it comes to visitors and over night guests. In some states it is an ordeal to evict people……so know the laws of your state for being a landlord. The other population you may end up with, are individuals you don't want to have in your room…placing you at risk to be harmed, or robbed blind.
US Directory for Tenant/Landlord laws: http://portal.hud.gov/hudportal/HUD?src=/topics/rental_assistance/tenantrights