Can H1b Visa worker rent a room in his/her own home and show the income on 1099 ???

[Megraj]

My wife is on H1b visa and working as a full time employee for a software firm. i am on H4. we own a home and want to host international students for money through an agency. they will be giving 1099 for tax purposes at the end of the year. please can any one suggest if we can do this agreement with our existing status. appreciate and thank in advance to all the members who are posting suggestions. thank you.

Regards
Raj