First time landlord deposit question

[Raj Acha]

Hi guys,

I am in process of renting my first property. My property is in New Jersey. I am in process of renting this property to international students. Main question:  in my  town (Piscataway,NJ)  we have to fill out lanlord form and provide lease agreement to township (very odd) and it may take 15 days for them to approve.  Tenants want to sign the lease and move their furniture into the home prior to getting township approval (their current lease has expired in an apartment). They willnot be leaving in the home until we get township approval. Is it ok to take deposit on the day i give them key or i must take the deposit on the day of lease signing?  One of the girls boyfriend who is working at the college will be the guarantor. 

These are the things I am doing:

• Get Fire department certification
• lease signing
• get township certification
• give them keys to home and collect Deposit and first 15 days rent (starting from Jan 15)
• Will be inspecting the home every month

Please let me know if I am missing anything or if I am doing something wrong here.

Thanks a bunch guys

-Raj