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How would rental income be divided between equal owners of a property where one owner resides there?

Abbreviated Question: 
How would rental income be divided between equal owners of a property where one owner resides there?
Answer: 

It is not possible to provide a very good answer to this question because because it is not very clearly posed and is not specific about the desired remedy. Also, the answer below represents some off-hand views of an economist and, under no circumstances, is to be understood as anything close to proper legal advice.

How do you fairly allocate different sized rooms in rental housing for students with different sized budgets?

Abbreviated Question: 
How do you fairly allocate different sized rooms in rental housing for students with different sized budgets?
Answer: 

Roughly speaking, you need to compute the aggregate valuation of the students for each house.  They should then rent the house for which the gap between their aggregate valuation and the house’s rent is the largest.  They can then allocate the surplus (valuation minus rent) among themselves in some way – for instance, divide it equally.  So, for instance, if the valuation of student i for the room she ends up getting is B_i, and the total rent is R, then the aggregate valuation is V=B_1+...+B_5.  The surplus is then V-R.  Each student gets (V-R)/5, so the rent stude