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Co-signing is almost always a universally BAD deal for the cosigner. You have NO rights and all legal obligations. If your nephew (or his room mates or his guests) cause a problem you are on the hook for the rent and potentially for damages to the unit.
You also have no right to know ahead of time that there is a problem. You can not inquire, inspect, review or oversee. So anything that comes along will be a surprise.
While it is commendable that you want to help your nephew, co signing is a BIG risk. You would be better served offering to contribute to an increased security deposit rather than cosigning the lease.
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