If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

Be firm, but fair and ask yourself if you think the tenant would do the same if the situation was reversed (for most the answer is no). 

@Eli Benali please check with an attorney, but why are you taking it out of a protected environment and placing it into your names? 

I am fairly new to the real estate market.

What do you think is fair for this? 

A qualified real estate agent can help you understand the potential mistakes you could make, what red flags to look for (like that below-market listing), what fair market value is for homes in the area, and any oddities about the market.

The rest of the paperwork is fairly easy to complete.  

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

don't go above fair market for it. 

What do I need to know to make a safe, fair, and profitable decision???