Breezeway allows us to easily organize all photos by room and generate a downloadable document for reference.Once a tenant moves out, we follow the same process to document the property's condition and determine if any amount needs to be withheld from the security deposit.Additionally, we require new tenants to complete and return a move-in inspection document within 3 days of moving in.

If prospects upload ID, pass a quick background check, and maybe upload a pre-approval letter, I think that answers both the security and tire-kicker concerns. 

Also, what’s been your biggest challenge when it comes to securing the funds you need?

Flipping is probably a little more intense, but can still be done with a day job, but again, my average flip versus my average rental: flip has made much better returns.And as for generational wealth and handing down something to your kids... well, I guess I view it as: if I can hand my kids a $10mm trust fund held in public securities, or $10mm real estate portfolio, they are going to be pretty set either way, but a real estate portfolio will continually have costs and work, a brokerage account is a bit more set and forget, with some periodic rebalancing.

Be aware of state usury laws and consider collateralizing the loan for security.

But section 8 is the way to go, higher rents + more security.

Did you receive security deposits with interest and pro rata rent for the month at settlement?

You will have sunk about 14k plus closing costs into the deal.In a few months the work is done and you get a PM to find you a tenant and get a lease and collect first month and security and now you can do a 75% cash out on that 215k. 

This means securing at least two bookings (to get a stay of less than 7 days) and completing all setup tasks.

How are they coming up with a security deposit and a months rent and moving costs for a new apartment?