Lump payment for rents

[Shawn Ryan]

I’m new to this and it’s my first property. I own a house free and clear just finished everything but repairing the front porch. Valued at 320k 10 year old 4 bed 2 bath single detached garage. Rents for $1900 tenants moved in a 3 weeks ago. He helped me tile the bathroom floor and repair the back porch. I let them move in before I was finished since they lived in a hotel. They had just moved from out of state and seem to be really great people.  sorry for all the back story. 
now to the point they have paid first month and last month already. They are closing on their house in the middle of July and want to pay July-December in one lump sum when they close on their house. What are the pros and cons if any? 
should I make them all separate money orders to show the irs and anyone else to prove the moneys purpose? Any advice would help. 

I’ll also be posting another post about seller financing. I want to purchase land see other post if you can help or have advice.

Thank you,
Shawn 

[Nathan Gesner]

Quote from @Shawn Ryan:

I’m new to this and it’s my first property. I own a house free and clear just finished everything but repairing the front porch. Valued at 320k 10 year old 4 bed 2 bath single detached garage. Rents for $1900 tenants moved in a 3 weeks ago. He helped me tile the bathroom floor and repair the back porch. I let them move in before I was finished since they lived in a hotel. They had just moved from out of state and seem to be really great people.  sorry for all the back story. 
now to the point they have paid first month and last month already. They are closing on their house in the middle of July and want to pay July-December in one lump sum when they close on their house. What are the pros and cons if any? 
should I make them all separate money orders to show the irs and anyone else to prove the moneys purpose? Any advice would help. 

I’ll also be posting another post about seller financing. I want to purchase land see other post if you can help or have advice.

Thank you,
Shawn 

 As Bjorn mentioned, many applicants will offer to pay large sums in advance as a means of distracting you during the screening process (or skipping it completely). I'll accept money up front, but only after they've passed my screening.

It may sound silly, but watch "Pacific Heights" with Michael Keeton. He looks great up front and offers to pay everything up front, so the Landlords pass over other qualified applicants because they like the idea of money up front. Watch what happens. This should be a mandatory movie for all Landlords.