Holding Security Deposits for RI Multi Family

[Thomas Stanley]

Morning BP,

I’m excited to say that I am approaching my first closing for a multi family property in Rhode Island.

Its been a long road with lots of ‘cleaning my truck’ exercises along the way but here I am. Pretty excited and a tinge of nerves all at the same time

Looking for any advice from those with experience:

How do you handle security deposit funds? I believe this varies state by state and was wondering if I need a proper escrow account with a bank, w-9s from tenants etc. or if I can just open a savings account and hold security deposits there.

Thanks,

Tom