I split renting a house with 4 other people. Me, 2 guys I work with, my old lady and one of the guys girlfriend too. It works beautifully. We have a deal where I get to use the small detached 2 car garage for whatever I want, as long as I keep up on the yard work. Like someone else said, renting sucks. Everything I have done to this place is being done with the thought in mind that it is not permenant and will be coming with me when I leave.
I just know how I take care of things and also how I can be a mess when I'm banging away on a job...but when I leave tools out and a mess, I feel like shit. A lot of people don't.
I have thought about this though a lot. Young people nowadays I think have it rough if you are in a renting/apartment type living situation with no place to work on their junk. I have honestly thought about buying a building and outfitting it out with "rentable bays" for hobbyists. They could be as simple as a typical storage type unit on up to rentable areas with full air, welders, hoist, etc. It would be 1, 3, 6 and 12 month leases with secure on site storage available. I honestly think it could be a good idea.
Statistics nowadays are showing more and more of the population will be renting and living "simpler" and "downsizing". This doesnt neccesarily mean guys and gals will give up on wanting to spin wrenches though. It's just going to be different in the future I think.
I'd look into it man, but like ppl have said, get contracts set up. Insurance, both property and liability. Make the business legit. I mean, you have to give Obama his cut, right.....since you didn't make that!