Updated about 2 years ago on . Most recent reply
Multiple Tenants on Same Lease
Looking to lease out my property and for the first time dealing with a group of 3 friends who are interested in leasing together. Individually, they can't qualify with income, but as a group, they're well above my requirements. I've communicated with them if one member leaves, then the rent will fall on the shoulders of the other 2. I'd like to put them all on 1 lease for simplicity - my question is are there any potential pitfalls I'm missing? Any specific clauses that should be included in the case someone bails and the other 2 have to be responsible? A new friend replaces one of the members in a few months? etc.