Accepting Co-signers for Non-qualified Tenants

[Nicholas Bolcon]

Hello BP,

 I am currently in the process of accepting applications from potential tenants for my first rental property.  One thing I had not considered was co-signers.  Someone just applied who does not meet our requirements but suggested her parents could co-sign.  Obviously I would have her parents fill out an application, run a credit and background check, employment verification, etc.

My question is what happens if I do end up accepting someone with a co-signer and the rent is late.  Do I contact both the tenant and co-signer for it?  I'm just trying to anticipate what could go wrong.  Any advice or experience with it would be welcome.