@Bhumika
My most important three rules are, I think:
1. No visitors without prior permission
2. No children/pets
3. Observe check in/out times
I host up to three separate guests at any time in my own home, so it's super important to me (and to most guests) that there are not random people roaming around the house. Then there is insurance to be considered. If something went wrong, would I be covered? If guests do want to have visitors stay overnight, then they have to pay for them as additional guests, as I really don't want my place to become some sort of crash house, nor for someone to book for themselves and then think that their partner gets to stay over for free anytime they feel like it. And yes, this can happen when you host long term guests.
My listing is not not childproof, plus I have three cats, so small children and pets are a no-go. Also, I market to solo travellers, and they are not expecting to be sharing with children, even older ones. Since I switched to one person max per room, that's not been an issue, but I did used to have a lot of parents arguing with me when I wouldn't accept a booking with children.
RE check in/out times, this is something I had so many problems with when I first started hosting. At first, I tried to be very accommodating but, unfortunately, some guests really took advantage of this and messed me around, leading to stressful situations, so now I make it crystal clear that the check in/out times are not 'guidelines' that they can opt to follow.