edit: OK, I think this blog post that /u/NebLem linked decides it. Hard line at "not a rooming house" but I don't want you to sleep outside tonight.
ORIGINAL:
I remember when I was a kid and on hard times I was taken in by a friend and his dad. It saved me from being on the streets. This sort of situation seems to be developing now that I'm middle aged and my young adult children have friends with less than stable home lives. All these kids are LGBTQ or adjacent, some have diagnosed mental illness.
I want to help, but man... what happens if it goes sideways? I would hate to throw someone out if personal problems got too much. We have the space and these kids are over here all the time anyway, they just don't have a room and don't pay anything. Made some pretty kickass food last night though. Money is starting to get pretty tight what with food prices increasing, my insurance just went up, yadda yadda. I was thinking something like $500/mo since I'm already paying for everything, this money would of course help. Seems like two, maybe three kids need shelter.
To be clear, it isn't imminent but probably by October. So let's see what Lemmy thinks I should do:
1: No, we will not run a rooming house.
2: Yes, but. You don't have to pay money and are still a house guest. Please continue to pick up after yourself and buy food when you can.
3: Yes, I will create a few private areas in my basement and you pay me rent. We will be roommates but it's still my and my wife's house.
edit: looks like I would definitely need a formal lease as soon as someone brings a suitcase in for more than a night.
Colorado: Guests become tenants after staying for over 14 days within six months
sounds like I already have a couple tenants.
There are ways in which this could go very well (i.e. your own example) and ways in which this could go very poorly. So it's not an easy decision to make.
You don't mention your wife's opinion on this - what does she think? You should only take on renters if both of you are completely on the same page, otherwise this could cause a major rift in your relationship.
If you do end up thinking more seriously about letting them rent your space, you need to be completely clear about your rules and expectations. Tell them (both your kids and their friends) what will absolutely not be tolerated, and stress that they will be kicked out if they don't follow your rules. And if you're concerned about legal consequences, make sure to consult with a real estate lawyer to write up a rental contract and brief you on relevant local rental laws.
She is fine with them here and actually floated the idea of charging a little rent.