Multiple applications

[Tomell Johnson]

I apologize ahead of time for the long post but heres my situation... I am renting a single family home and I have accepted an application fee and screened a couple (recommended approval from SmartMove) who are relocating from out of state. So far they have not paid anything more than the application fee. The closing of their home was delayed a week until this coming Friday. In the meantime, I had another couple come by today and I expect them to submit an application very soon as well. My question is, assuming both are approved, what should I use as my "first come, first serve" payment? My first thought was the security deposit but how long should that hold the property? I would hate to accept a deposit and hold the property for an applicant who can't move in (and pay first month rent) for a month. It seems that first months rent would be better since I require preauthorized recurring electronic payments. That way, it doesn't matter when they move in, I'm collecting rent immediately. Any feedback will be much appreciated.