Help please! renting to a non-occupant adult child for parents

[Lynnette E.]

I am considering renting to a couple who have a very recent bankruptcy on their record.  Their adult child asked if they could be on the lease and they would be responsible to pay the rent. The parents would be the occupant.

The bankruptcy was mainly from heart related medical bills--shows on the discharged accounts.

For landlords who have co-signers, what income requirements do you have?  They have their own housing and bills too.  3 times rent seems low in this case.  I know nothing of adult kids finances, dont want to.  In realty the parents will likely be paying the rent, but with a bankruptcy, I want a back up.   In a case like this would you rent to all 4 adults, making all 4 responsible for the rent?  And list 2 as occupants?

The adult kids do have a vested interest in the parents housing as they care for the 2 grandkids full time.  Adult kids have great credit so they said, but I'll check too.

Also, I am considering bi-monthly rent instead of monthly and doing a 2 week at a time "rental agreement".  So I never even did month to month before, do you just call it a rental agreement, not a lease?  I was considering 2 weeks because if things go south, its faster with the courts here to get them out.  

This is a rural area, and right now selection is low, many out of work, enjoying the $600 a week bonus, and I do not want to rent to someone without a job...courts will not kick them out fast if they don't pay.  Unemployment won't last forever in TN.

[Bjorn Ahlblad]

@Lynnette E. I have tenants with co-signers. I expect the co-signer to have a great income but also net worth. I check credit history and bank statements. I make sure they take the responsibility seriously and I get a much higher deposit. I have rented to people who are unemployed-with a great co-signer; but not someone with a bankruptcy. Make sure the co-signer is on the lease via an addendum. All the best!