The fine print has a long list of what is not covered and tight time frames for reporting problems.

Theoretically if the entire slab moves at the same time, it floats and it is fine.

They were working fine but we had issues integrating them with our property management software, requiring us to manually enter billing. 

Either way is fine by me as long as the rent it paid.  

This potentially caused us to lose out on a few other tenants who were ready to begin the lease ASAP, but we decided to go with this couple because they had better credit scores and financial situation.Does anyone have any advice on ways to prevent this from happening, such as including a fine for people backing out or requesting the security deposit upon signing of the lease?

You'll be fine then, as long as there's not too much fixin' to do...Or you can get the place, move in and fix up as you go..... 

WAVE is an online program that is free at its basic level which is fine for me...automatic uploads from bank accounts, etc are included.

I was in such a hurry to get my first deal that I didn't look at the fine print.

do proper due diligence and you will be fine.

I closed on my second rental property 6 months ago, a 4 family in the Boston/Worcester/Lowell area in a C neighborhood. 3 units are doing fine, but the fourth unit (inherited tenant) has gone from bad to worse and has now pretty clearly developed into a drug den and includes needles on the ground and people with ankle bracelets staying there not on the lease.