Furthermore, what are the regulations regarding security deposit?

Around here a lot of landlords offer section 8 tenants $300 cash when they move in with $0 security deposit.

1) Do you put the extra rent and deposit in escrow?

It sounds like he's talking about backing out via contingencies on the contract like inspection or financing contingencies, where you can back out of the contract and get your earnest deposit back.

Sorry to hear this.I would always say that "There is nothing wrong with any property as long as the price is right".Granted, some are not salvageable and the deal doesn't make sense even if the seller paid to me to take it lolOver the past 10 years I have witnessed many investors trying to do the same thing as you.Purchase from afar without buying turnkey and trying to do it themselves.This has been popular especially the last few years.Not many succeed unfortunately or they don't succeed in my eyes as they are into deals for much more than what they should be.There is a big trend going on where folks are made to "feel involved" with the purchase, rehab and property management process.The properties look great and off-course they do as rehabs cost $40,000 - $50,000.It doesn't sound like a lot of money for folks from CA and NY but for our local standards it is and IMO kills the cashflow and is unnecessary overcapitalization.Each to their own I guess.Just had a call the other week with a fellow from CA that bought a few turd properties from a local scam artist and is flying to town to try and rehab them himself.Another fella I managed to save even tho he lost his deposit of $1,000 as the seller (Another known scam artist) made him commit to the deal without allowing an inspection or even a walkthrough...If that isn't a red flag then I don't know what is 🤷‍♂️Hat's off to you for flying into to town to see the property for yourself.Wishing you much success

Find a local bank and build a relationship...banks make money on deposit funds, your business seems to have a pretty decent deposit base.

With 48 hours left to wire the earnest money deposit.

We still have some tenants that bring rent to the office instead of paying online. What security boxes or other solutions do you use to insure the rent is as secure as possible before taking it to the bank? 

Current systems and tools:- Assistant to manage payments, invoices, ensure rents come in and chat with tenants for issues- Melio for vendor payments- Baselane for banking - separate accounts for each rental and deposit- Google sheets for Income and Expense reporting- Azibo for rent collection automation with late fee automations- Drive for my leases, SOPs, and documentations of tenants move in/move outGoals of improved system:  ensure I have a read out of how each property is preforming month over month, check on big expense items, ensure vendors get paid, mortgages get paid and rent is coming in, generate APY on float and savings for any big CapEx that comes up, and make my life easier come tax season.Is there a single software people use or what do you do for your business systems to optimize all of this?

.- 12/13 the check of course bounces due to her putting a stop payment on the check- 12/13 I was notified that she turned off utilities on 12/12- 12/14 I provided her email stating I would be checking on the property on 12/15 (24 HR notice)- signed lease through August 2018- I have $1650 ($1350 rent and 300 pet deposit) in security deposits- upon checking on property I found that there are no items of value in my property and she had left all keys and garage door openers that I had originally provided her.