It also seems like it could be a way to deter people from price shopping with other contractors.

The voters whose prospect wins spend money, they believe the world will be awesome!

It will be worth it to get legal counseling before you present or sign any type of agreement with a prospective tenant. 

These people know the law really well.So basically transactions regarding property are supervised, governed and administered by government appointed officials, notary public and land registrar, and they can solve any doubts a prospective buyer has about a property transaction.Notary offices also can explain buyers how to file the taxes derived from purchasing or selling property, and point them to the relevant IRS offices to liquidate their taxes.The land registry here is a nationwide public system where everything is recorded.

We have lease, management, renewal and admin fees to review for our prospective clients.

Risky, sure, but I'm also with no other prospects that don't also have bad credit, sitting on a house that I'm soon going to be losing money on if I don't get someone in there to make payments.

No point in landing a great prospect and screwing it all up because you don't know enough. 

I'm sorry for your situation - every prospective buyer for Detroit should read your post 100 times before considering to buy. 

The Landlord may exhibit the Premises to prospective purchasers, mortgagees, or lessees upon reasonable notice.ACCESS BY LANDLORD: The Landlord must provide at least twelve (12) hours notice to theTenant(s) before entering the Premises for any non-emergency reason.

You need to be consistent in how you respond to prospects, and in how you make your approval decisions.