We are very cautious people, and are trying to be as resourceful as possible!

If it was something regarding a property, you can possibly attach a lien on their property.  

Is there any way you could link to it, either here or possibly PM me?

Better to be safe on your first one and make some more working capital then face a possible rental money pit.

Then it seems it would be worth it, with the added property tax and Insurance cost ( possibly $175 / month) for a total of $652 cost.

@Linda Weygant It is possible that some localities have an overlay that would govern the situation but I have not heard of any. 

Also look at @J Scott books. they helped me nail it down, but I recommend you keep track of everything as detailed as possible so you will be able to really lock everything down in the future.

I have been marketing for them but only landed to possible leads so far.

Can anyone provide me with me with a lease that includes every possible foreseen situation under the sun or maybe a list of must haves and tenant requirements.For example: I listened to a BP podcast where the land lord requires all tenants to have renters Ins. and have her name on the policy.

I would go as long as you possibly can.