Usual is 3x rent, sometimes you see 2.5X rent.Your idea on deposit besides being illegal would be very bad for your units as there would be little justification in them taking care of the unit.Items that we list as mandatory to qualify for our units: No evictions (ever), Verifiable income 3x rent from sources that are at least present for 6 months, Cannot have been in more than 2 residences in previous 5 years, no missed rent payment on credit report, good credit, non smoking/no drugs, about 75% of our units do not allow dogs or cats, strong LL recommendations. 

"The only ship that doesn't float is a partnership" - make sure everything is in writing, you set expectations, and you've got the five D's covered: death, disability, disinterest/dishonesty, drugs, and divorce

People with money problems are no different than people with drug problems or other addictions.

There are also certain lenders that are starting to create their own appraiser networks (mostly to alleviate what you're dealing with right now).

Well, first of all, your lease was over last September, your rent is somewhere around 66% of market rate right now, if I renovate I stand to gain at least an additional $400 NOI above-and-beyond what you pay, and then of course, there's always the facts that YOU'RE A DRUG ADDICT, THE COPS TOLD ME TO GET RID OF YOU, AND YOUR BOYFRIEND SKIPPED OUT OWING ME TWO MONTHS RENT."

You will have to see if you qualify but that would probably alleviate the pressure and make your tenant more cooperative. 

Some of which may alleviate the issues that Jeremy brought up earlier. 

On another note, you do realize any house left unattended for lengthy periods will expose you to a multitude of problems, for example:Mold, rodents, insect infestation is almost certainCarpetbaggers, homeless, and or drug addicts may become a problem that could ultimately be your responsibilityWhat is the city ordinance?

Get your ducks in a row by speaking with lenders and agents and work on getting your team together and this will help alleviate some of the stress as you can rely on these professionals to aid you as you begin your RE journey.If I may ask, what has you overwhelmed?

(Durr Drug Co. v.