Co-signer has great income but less than stellar credit, wwyd?

[Rick McGuinness]

Hey think tank! 

We have a property for lease with an interested applicant that is starting work at a government agency where they will be given a stipend allowance. They are right out of school and wont be making the required 3x rent and their credit score is lower than our minimums with some medical debt sent to collections. Their parents have agreed to come on as co-signers, they make a great salary (multiple 6 figures), steady and impressive employment, however their credit report shows a score less than our minimums with some high amounts of CC debt (5 figures) charged off as bad debt. I'm under the impression that a co-signer should be well above minimums however my partner is less hesitant. We've discussed a month to month lease option as a compromise? 

Has anyone had experiences with a similar situation, would love to hear your thoughts and words of wisdom!