How to set up a lease agreement for multiple tenants?

[Kenneth Tuan]

Hello everyone, I am new to the Bigger Pockets community and am planning on renting out a 3 bedroom condo in the Chicago area (my first!). It will likely be to students so my question is this: 

How do you set up a lease agreement with multiple tenants? Do you write one lease and have one person sign along with a co-signer? Or do you write a separate lease for each tenant? Obviously the risk with the latter would be if a tenant moves out, then would the landlord take initiative in filling the empty room or would they leave it to the remaining tenants to find another tenant? 

Any help would be appreciated!

[Brie Schmidt]

@Kenneth Tuan - I have always done one lease.  I have 3 roommates now and one lost her job recently and the other two are legally responsible for the rent