Yes. of course I believe in compromise and treating the tenant with a great deal of respect, they are helping you pay for the house after all.

While I understand the folks saying they wouldn't invest in an area where they need that kind of protection I respectfully disagree.

Vague language can nullify the clause if it establishes no guidelines to follow.If you are going to sign a clause you need to make sure it is written in your favor or as neutral as possible. www.adr.org is the american arbitration association website which can walk you through the proper steps to setting up the clause and finding a neutral arbitrator(soooooo important!)

These include the appraised value established by the appraisal district for the county in which the property is located...In Wichita Falls, where I think @Matt Ellis is marketing, the tax appraisal is a pretty good guess of the retail sale price of non-distressed properties. 

Things that will cost you extra are screening reports (all companies charge extra for these), a small fee to establish electronic bank transfers (if this is something you will need at all), letter mailings, and 1099-MISC tax form preparation. 

Wait about 3-6 mo. or until I think I've established a relationship with my tenants to say that they're "stable."

I do need to look into hard money more and establish some relationships.

I'm currently in the processes of establishing my credit to get a loan from my mortgage lender for my first investment property and have verbal agreements (nothing set in stone) for a hard money lender for repairs. 

@Chance Cooper , by the way, here is a great video by a respected real estate investor, Mike Cantu, about the power of education and having free and clear homes:http://www.youtube.com/watch?

Conservatorships are established for persons not capable of making namely fully-informed decisions concerning either estate, personal welfare or both.