Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.
It would be impossible to cover all aspects of landlord tenant law for you here. It certainly behooves you to have a written agreement, whether as a lease or month-to-month basis. You should receive and hold a security deposit. It would be a great idea to ask for credit references, and if the potential tenant consents, to obtain a credit check. Be sure to consult your own attorney to protect your legal rights.
As Attorney Mashal indicates, there are a number of considerations which would not be possible to cover in a short response.
it goes without saying that you need a written agreement which spells out the rights and obligations of the parties. Preferably, you should have a security deposit. Your written agreement can set forth the hours of operating.
The information presented here is general in nature and is not intended, nor should be construed, as legal advice. This posting does not create any attorney-client relationship with the author (who is only admitted to practice law in the State of California). For specific advice about your particular situation, consult your own attorney.