Of course, you must check with a local real estate attorney.
How is current tenant's credit? Can you keep him on the lease, and add the other family members? Then they would all be accountable..If you start a new application process, you must have all parties cancel the old contract which opens up the possibility that they will try to negotiate a lower rent and that you will end up with nobody. You didn't state how much security deposit you now hold, but there are restrictions on how much you can demand and from whom.... more