I'm considering renting out my basement apartment. It will be legal as long as I offer a "shared" kitchen, although I don't think the renter will need to use it. Any words of wisdom before we move forward? It will be a bit of a sacrifice for my family but will allow us to pay off our home a bit sooner and do some traveling that we couldn't afford otherwise. I plan to carefully screen the renter (i.e. credit, criminal, and references).
Pros: Earn extra income to pay off house/travel.
Cons: Give up some privacy, give up space, and possibly deal with headaches.