BIZARRE Co-Signer Situation - NEED ADVICE!

[Ryan K.]

I'm trying to place tenants for my first rental property. Yesterday, I was in the middle of vetting potential tenant applications, etc, when out of the blue, I get this phone call from a very well respected local/regional business man interested in my vacant unit. This individual expressed immense interest for his 2 employees who would be relocating from another part of the state. He would be paying for all of their living expenses, rent, utilities, etc. At first, Ithought it was a joke, but I researched this individual online and he is who he claims to be. 

Now, here's my question....don't all 3 individuals (the business owner co-signer) and his two tenants need to fill out applications and go about this like due process just like everyone else? He wants to see my place right away.

I've never had a co-signer situation before. Does anyone have any tips, thoughts, or suggestions to help me? This is uncharted territory for me, especially having a possible co-signer.

[JD Martin]

You need background & eviction checks on the people who are going to be living there. You need a credit check on everyone. Beyond that, it's not really any different than the way we handle college students who rent our properties; their parents co-sign and thus are financially responsible, we run backgrounds on all the residents, collect first/last/deposit.