Experience with renting/subletting

For all those with experience with renting or subletting:

we've decided to rent our co-op because it's taking too long to sell and we're in contract for a house. We have a 2 people (roommates) that are interested, both with great credit. However they both just relocated from FL and one has not found a job yet. However, she has a lot of savings. I asked them to give 4 months rent as a security and I will return 3 months of it when she has gotten a job and has a steady stream of income coming in. Does this sound right? I would think most landlords would ask for this when one does not have a job. I even offered to give her the interest that the deposit earns when I return it to her.
Also, I was told it's not even worth it to get a co-signor because it would be so difficult to get money from a 3rd party- anyone have experience with this?
And finally, any tips on drawing up the lease and things to make sure we include. We are nervous doing this because we're taking a loss each month by renting, so we want to make sure we're not screwed.

Thanks!

Re: Experience with renting/subletting

i subletted my apartment for 3 months when my landlord would not let me out of my lease (we bought our house.) It was fairly informal, but I was a renter, not a co-op owner. I interviewed the lady, my landlord did following me and ran a credit check. I drafted up something simple for her to sign just saying that she must pay XX by XX, she cannot do any painting, must repair any damages she makes (ie - nails in walls), etc.

She was pretty good with everything except unfortunately, payment. She'd write me a check and then I'd write one to the landlord. She always paid, but I requested it on the 15th of the month prior and she was ALWAYS late. I did not like subletting.