who should keep the security deposit$$

[Greg Meyer]

I am an out of town investor. As such, I depend on a property manager (PM) to sign up new tenants, collect rents etc. Some security deposit $$ are in my bank,with a dedicated account and some have been kept with the property manager. I want to consolidate the funds, and wonder where I should keep the money.

Possible solutions I am looking at:

1.  Bring it all to my bank, within a dedicated account and give my PM access to account, in case we have to return money

2. Transfer the deposits I have to the property manager, so I can delegate the task of managing the deposits.

My PM thinks its a better idea that he keeps the $$, but he cant say why. I want to hear what this community thinks.

[Amy Aziz]

@Greg Meyer Do you trust your PM to manage the security deposits without being reckless?