First time landlord...

catcarraccoo said:

How does one go about setting themselves up as a landlord for leasing out rooms in their house? Who needs notified? What taxes are payable? Does it affect their mortgage? Will owner need to take out extra insurance other than their own home cover? Is a lease seen as viable without any legal signature? Can an income be made from it without it affecting tax bracket (in other words make a profit rather than a loss)? Would it be more profitable for owner to lease out whole house rather than rooms - if so does tax and regulations differ?
Hope members can help make this process more clear to me.
Regards!

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