Guarantors - 2 Roommates that do not meet Income Requirement

[Darrick Lowe]

I have a property in NYC that I plan to rent out for the first time. Unfortunately, the rental market is ice cold now. 

My broker said that there are 2 roommates whom recently graduated college, recently found jobs, and have cash in the bank. They don't meet the income requirements, however. They plan to sign with guarantors.

Is there crafted language you use in a lease to serve the purpose of the guarantee (payment of rent) and to protect the interests of all parties when guarantors are involved?

What happens if the roommates to not make payment (e.g. job loss), and the guarantor(s) refuse to make payment?

Are there other risks involved with signing a lease with a guarantor?

Any other pearls of wisdom with regard to vetting out these potential tenants to make sure they will be reliable down the road?