by 
The Curious Bag
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<h4 class="dechead">On One Hand: Check Your Jurisdiction Laws
Some neighborhoods and homeowners' associations place restrictions on homeowners when it comes to renting out rooms in their house, limiting the home to a place for family members only. Check your zoning laws first. Your homeowner's insurance may be voided as well, so check your policy, according to the National Shared Housing Resource Center.
On the Other: You Can Make Extra Money
As long as your zoning laws allow it and your homeowner's insurance will cover damage the tenant causes and will cover you in case your tenant sues you if she gets hurt on your property, your home can be an excellent source of cash for you.
Bottom Line
After making sure you can rent rooms in your house, make a list of house rules for the tenant, such as who pays utilities, off-limit areas of the house, parking, pets, overnight guests and the thermostat setting. After preparing properly, you can make a success out of renting rooms in your home and avoid trouble.
Source:
BottomLineSecrets.com: Rent out a Room and Make $5,000 or More
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