Tenant screening - Subpar credit score...but...

[Mark A.]

We are thinking about renting our 3 bedroom apartment to a family (2 parents and a 20 year old child).  The family just sold their house and received approx $200k from the sale.  Seems like they moved out due to financial difficulties.  The wife makes $20k per year and the husband just started a new sales job based on commission.  So he has not much to show for his earnings at this point.  Their credit scores are both subpar - in the 600s.  

The rent is $2900 per month for the apartment - is obviously in a nice area and can attract nice tenants.  The family asked to sign a 2 year lease at the advertised price, which i thought was a positive sign.  

The apartment is continuing to show, but i was wondering what your thoughts would be on the following plan:  I would ask for 8 months rent up front and reduce the rent payments accordingly for the 24 month term.  Essentially, asking them to put a large down payment down because of their low credit scores and the fact that they have a large amount of cash supposedly sitting there from the house sale.  Does anyone have any experience doing something like this? What would you recommend?  Pass on this tenant even if they agree to something like I'm thinking?

Thanks in advance for any advice/help.  

Mark