Security Deposit vs Last Month's Rent?

[Justin Silverio]

I'm new to landlording so please bear with me.

I'm closing on a condo in the next month and I'm not sure if I should collect last month's payment or a security deposit. The condo is in a low income area so I don't think I could get away with collecting both. I'm going to see if I can find a tenant for a 1 year lease, but if not, I'll have to go with a month to month lease.

Should I collect a security deposit or last month's rent? Also, are there any differences from a legal perspective?

I assume with a month to month, I would just collect a security deposit?