Where to Put Short Term Cash

[Nate Heffner]

Hi,

I am leasing out a college house to some engineering students and they want to pay the full year rent up front. Let's assume I agree and accept the full rent amount - I will get essentially large lump sum into my account. I do not want to allocate/spend any of those funds until the lease progresses - pay myself rent month by month from that account, in case of something happening or eviction etc. I want to have those funds available, but I also do not want to just let the funds sit in a bank account for a year. I am looking to "park" my money into a safe short term investment (easy to withdraw if needed) where I will get some sort or return - anything more the the 0.5% from a bank. What have you guys done in the past and am I legally allowed to move that money where ever I want? 

thanks,