You might be able to go this route if your lease says something to that effect.Without lease support, you can write them a letter informing them they are in violation of the terms of their lease due to the lack of proof of insurance.

Works well for motivated sellers or properties with no mortgage.4.

Very informative!

The key with any partnership is well defined entrance and exit rules. 

Thank you for your reply and so well organized thoughts. 

We also had a transient tax and municipality as well.

A tenant living in a 100 year old called board of health for drafting windows (never called us first) and BOH made us replace them within 30 days, well custom windows take longer than that to make so we got fined.

I currently use Wells Fargo and it’s a pain in the butt to keep going there in person and setting up a security deposit account.

We do well with ours in Denver and Colorado Springs, for instance.

Don't apologize, don't explain how the 'chosen' tenant was more qualified than they were, wish them well in their search.You're running a business and you've made a business decision.