Therefore, I believe you should protect yourself like a business. 

But it's still worth keeping your eye on for that occasional opportunity.

This place has opened my eyes to a whole world of REI that I never even knew existed.My wife and I are shopping for our first property now.

Your best bet would to be getting an attorney who can hammer out agreements that would protect you in the way you want.

I want something that will protect me from tenants that will just ignore requests for inspections and showings and I feel that a penalty will motivate them to be serious about working with me to be able to come see the unit.

The pro's are obvious by protecting my personal assets and liability.

For those who just need 'eyes on the ground' I can help there too.

Any insight on things to outline in the lease to protect myself, & things to go over once tenant is selected?

Life is about choices, so know your neighborhood and go into the deal with your eyes open.

there are little quarks as well, that only a trained eye may see, the process is easy if you are in a subdivision with 200 relatively equal homes, it a bit more tricky and subjective in rural America, where comps my be fare apart, and no similar sales exist for 12 months ore more, then your gut has to know. its 1 part science, 1 part math, and 2 parts Market Knowledge