Parents or Renter / Lease Guarantors - Tampa

[Khaled Morad]

Good morning all! I am a loan officer /lender and investor myself here in Tampa, Florida. I have had several rentals and a myriad of tenants, from full families to students. However, I have not dealt with lease guarantors. With my newest buy and hold in Seminole Heights, (Tampa, Florida), I am receiving several inquiries for students whose parents wish to be their guarantors to pay a majority of the rent. My plan is to vet/ screen the parent(s) the same as any other tenant and add them to the lease as a tenant or guarantor. But I was hoping to hear your more experienced insight, perhaps from other property manager or landlords in the Tampa area.

What additional steps do you take to protect yourself with guarantors? How do you calculate/factor qualified income from a guarantor who presumably has another mortgage/housing payment?

Thank you in advance!

[Khaled Morad]

Thanks @Dan Maciejewski for your (as always) valuable insight! My experience with students has been positive in the past. 

@John Leake Thank you for your input! Regarding weeding out by charging for the credit and app fee. I 100% agree. I am seeing more and more tenants apply using Zillow which charges them a $29 fee. They can then use that application multiple times, for other homes. So, I think that first line of defense for landlords is waning.