College rental with roommates

[Jeff Dietz]

Hello BP community! I hope everyone is doing well.

I have been lurking for a few years, and I have finally gotten to make my first deal. It is a fairly large 3 bedroom 2.5 bath duplex in eastern Kentucky in a college town. The other side of the duplex is an identical unit but it is not ready to rent yet.

The best tenant prospect at this time are 3 young men who are recent university grads and will be on the lease for $900 per month total for one side of the duplex. They are beyond the income requirements but they do not have extensive credit so one of them will be having a parent as a co-signer.

I am using mysmartmove as I like the fact that the tenant can pay directly and fill out their information. My question is this:

In the scenario that I described, would it make sense to have all 3 tenants as well as the co-signer fill out a mysmartmove application? It just seems kind of excessive to have 4 people paying $40 each. If not, are there any alternative recommendations?