Great tips from chalee94.
OP, I just want to emphasize that renting DVC points has NOTHING to do with Disney.
For example, if you check in as a renter, the CM's don't care if you are renting points from an owner for the room or if you are, say, a friend or relative of an owner, staying on the owners points for "free". As chalee said, the transaction is between the owner and the name on the reservation, independent of whether or not there was money for points involved. Again, it makes NO difference to Disney. Of course you get the same benefits as anyone staying at a Disney resort, but nothing really beyond that.
I'm not trying to scare you away from renting, believe me, because the ability to rent out our points can be helpful at times. But there is a reason I am sounding so cautious in this post, actually two reasons.
Last Dec. we were at BWV and overheard a renter at the check in counter complaining about needing extra towels and soap. He told the CM that he paid 11 dollars a point to rent the room and should get all the towels they wanted. The CM actually handled it quite well, nice but firm, and also had to explain to the renter that he does not get DVC member discounts on some merchandise because he isn't actually an owner.
Second, we met some folks a few weeks ago, through friends, who said they are considering buying DVC. They heard about renting points from an owner so they CALLED CRO and asked about renting DVC points. Obviously the CM couldn't help them.
Again, I hate to sound so negative about this. We've never rented out points but the fact that we can if necessary is a big plus for us. And you've come to the right place for info. There are a lot of folks here on the Dis boards that know a heck of a lot more about renting than me. Sometimes though I think people can be overwhelmed with all the details of renting and miss the fact that it has nothing to do with Disney, DVC, or CM's, as long as it's done within the rules of course.