I have a house in Toronto that was constructed by my dad very long back. Until last year, we had been staying there. But when I constructed this new house, I shifted to this house with my parents. Now the old house is left unoccupied. As there is no point in leaving the house unoccupied, I would like to give it for rent. But before I rent it I would like to do some renovations. In the new house, I have installed fire alarm security systems along with intrusion alarms. Likewise in the old house also I wish to install a security system to prevent break-ins. What are the other factors to be considered while renting out a house? Presently there are 3 bedrooms in the house. I have a plan to construct one more room in the house. Is it wise to construct a room in the house that I’m planning to rent? Should we write an agreement? I prefer to rent out the house for 2 years. 

Do not rent your house without writing an agreement. Else if later the people who stay in your rental house claim that it is their house, you won'y be able to do anything.