Found poetry is of the more lenient poetic forms. There is no set structure to it. No meter. No rhyme. (Well, not unless you want to use these devices in writing found poetry.) In fact, the words don’t even come from you at all.
That’s why I love love love this poetic form. So to speak, all you have to do is find poetry in everyday text. Find words or even whole passages that may fit into a poem (or may themselves make a poem). There needn’t be rhyme or meter, they needn’t be in tercets or sestets — they only need to be poetry. Found poetry may be treated (as in changed in a profound manner) or untreated (virtually unchanged from meaning and syntax).
In Poeformology, I have chosen to classify found poetry as a free-form form. It is a poetic form, sure, but only that it follows certain concepts. But free-form such that it grants the poet freedom in structuring the poem itself. (I hope I’m making sense.)
The senryu I wrote below was formed off of the words in the posts in the homepage.