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Will be awkward to share a living room between three of you.
Agree with GAM 1. Tough to rent out a room unless it's a basement with a separate entrance or a person you are familiar with who needs a place to stay but even that's awkward. Best bet is to get a duplex and live in one unit and rent out the other
Also be mindful of the landlord/tenant laws in your state. You can put yourself in a terrible situation if you don’t know the laws and the tenants rights!
Mentor
Renting a room seems awkward, but I did rent my walk out basement in the first house I bought. We shared the kitchen and living / dining room, but she basically just used the basement and kitchen. Honestly hardly ever saw her in the 1.5 years we lived together
I thought about this too but decided not to. I like my privacy and think it’s best to rent out only if u have separate entry exit (basements, MIL suites)