Need Help With Security Deposit

[Mary Winter]

Hello BP community!

The tenants of my property moved out and they totally trashed the place. My PM is irresponsible so I terminated the contract with him. The PM said the security deposit is not enough for all repairs, so he is giving me two options:

1. He will use part of the security deposit to repair the small items. The remainder of the security deposit will be issued to me as credits towards the repair of the big items - cabinets, flooring, bathtub cracks etc. He will find people to repair part of the damages and I will hire someone to repair the remaining. My biggest concern is that the PM will not find qualifying people to repair my property because I am no longer his client. For example, if he does not find qualifying worker to repair the bathtub cracks, it could lead to leaks in the future. The bathtub is on the second floor so it could lead to water damages to the first floor too. He does not care because he will not be managing the property anymore. Plus, this option cost more.

2. He will transfer the security deposit to me and I will coordinate all repairs. However, he will require me to sign an agreement which will release him from future responsibilities and disputes. My concern is that the tenants will file disputes against me for the security deposits. I am also worried that they will enter the property and cause more damages - they did not return the keys.

PS: two adults on the lease, but four adults and two children lived in the property. Also smelled weed in the property.

Which option should I choose? Any advice you can give would be greatly appreciated!