So don't ask - just do a National Screen on all applicants from an independent source - and let your minimum credit score criteria be the reason for non-acceptance. 

One thing to take not is to figure out whether the condo is warrantable or non-warrantable.

Buying an income property requires far more skills and services than buying a home.

However I do hear of people that scam non stop.

Last year I looked at 7 properties that had solar. 5 of them were “Unbuyable”  at the same price as non-solar homes. 1 was a wash and 1 was paid off and it sold for about 1% more than non-solar homes. 

Is it Judicial or Non Judicial?

Check agreements in your state for appropriate language that makes clear it's a condition of the lease, and lease can be terminated for non-compliance. 

Is this a service you would want your accountant to have? 

We're seeing an unfamiliar clause and wanted to verify that we're not making a mistake.The broker asks for a $500 fee (they say they reserve the right to retain/charge in its discretion, in any non-closing event to cover for its services).Is it common for a broker to ask a $500 fee out of the EMD in case we back off the offer?

We do have other investments in the market with our non-taxable assets (401K) which we plan to use post retirement age (60).