I win in court and tenant is kicked out in 24-48 hours.In 90% of all situations, the tenant leaves before I have to file in court, I use their deposit to cover unpaid rent and as much cleaning/repairs as possible, and I move on.

This allows you to deposit the rent and pay expenses out of a business account instead of a personal account.

Never skip your due diligence OR I would charge the biggest deposit allowed in you state. 

@Vivek Kumar, For a tenant like that I might charge 2 months deposit (max allowed in my state).

I do not take the listing down until I receive the security deposit.

Or, am I overreacting and PMs truly just lease the property, hold on to deposits, and fix things when they're broken?

@Zehua Zhou,You can use a Fidelity non-prototype account to manage the rentals, but it will have some of the features available with the bank's checking accounts, such as having a debit card, mobile deposit, and bill pay.

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

Our preferred method was to have them deposit the money in our bank account, we gave them deposit slips. 

And of course do NOT pay personal, or unrelated expenses directly from the LLC bank account (maintain an LLC bank account - do NOT use a personal account for LLC expenses or deposits!).