By doing this, you are serving your owner by following proper procedure, and also providing a reasonable tenant ample time to procure rent funds.

Currently, I am the Procurement Manager for a Regional Facility Servies company.  

Does no and low money down only deal with purchases when you are unable to procure a 20% down payment?  

Even though they initially brought the property to you they were failing with their fiduciary duty to represent your needs as a buyer and were not the (procuring cause) that led up to the eventual sale and purchase of the property.They need to be there through the whole chain of events or they did not cause the sale to go through.I have seen cases like this in the past with the state commissions.Don't want to bore you with the legal stuff just wanted you to know you are not stuck in a buyer brokerage contract when they fail to perform.

You can find Rust Belt towns all day long where the pool of possible renters is so small that you have to procure a house for virtually nothing in order to make a dime.

I also was unable to procure a quote over the phone, but one company said it was generally around $1 a square foot, which seemed low to me.

It seems like it would be easier to have the Mgmt company show the house, procure a tenant at a good rental rate and manage month to month but is it worth the 10% monthly fee and 1 month rent fee for placement if I only have one rental?

Both procurement options have merit, but if he conducts purchases I'd require receipts if you have reimbursement in your contract.

The listing agreement will most likely state that whether you actually sell or not, if the LA procures a buyer with an 'acceptable/reasonable/full price' (?) 

As for whether you'd be responsible to take out a loan if an investor puts 20% down; unless you have another means of procuring the other 80% - yes.