The landlord wanted to be protected if you decide not to pay or wreck the home.

Part train-wreck, part med school surgery observation.

And they all sold, Mine is the only 3 bed 2 bath home for under 95K that isn't a train wreck, in my area. 

HMLs may not even look at credit, they can have solid notes and wrecks waiting to happen.

A total wreck in North County (depending on the area) will go for $12-15k these days.

I put four in escrow last month.So, if I am buying a property at 50% of value, even if it's a total wreck, there's still enough spread in there to wholesale it at a very nice markup to one of the hundreds of starving rehabbers here.

I like having a "middle man" because I am too nice :) I feel sorry for people when their dog dies or they get all of their teeth knocked out in a car wreck (true story) and can't pay on time.Also, on a more serious note, my property manager has processes in place to handle tenant screening, rent collection, maintenance calls, late payments, walk-thrus, etc.

If there is some reason you can't sell now, like some title snafu, then what the market will produce will at least limit expenses to carry it, barring that you don't lease to a wrecking crew.

You can be the most responsible person in the world....and your COA can wreck your investment.  

Now, have politicians consistently damaged things, and it's compounded over the decades to the train-wreck today is, sure as heck yeah.