Need free advice re: renting to a friend

[Alex23]

California:

I own a home with an extra bedroom and my good friend asked me if he could rent it. I've never been a landlord before and I'm worried about potential troubles. I like living alone, but I could use the extra funds.

I've read that you should never lend money to friends. How about renting to friends? What are some of the potential issues that I may face, and how should I go about it if I decide to approve his request?

Links to sites with good advice would be appreciated.

Thanks!

BTW, we're both male, just under 40 years.

 

[Seanscott]

mrlandlord.com has links to each state's rental laws.
Make sure your friend understands that this is a business deal - not a handout.
Get EVERYTHING in writing.

 

[Who's Liable?]

NEVER rent to friends...