Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

If I let them go can I keep the security deposit until I find a tenant?

In the world of development you have money at risk to complete these and other reports, legal, zoning, permitting, environmentals, etc before you go hard on your deposit with a seller.

It sounds like a security deposit trap.

Deposits are made as they come in and they don't jack up the price if the loan becomes non performing.

You can make offers on 2-3-4 whatever number of houses, but don’t put down deposits on homes you don’t plan to buy. 

The software needs to help with accounting, deposits, repairs, etc. 

The fact that the property manager leased it without collecting a deposit is a huge red flag when they are only placing a tenant. 

I'd also demand that they give you 100% of her deposit. 

Sort of split the difference.2) Offer them moving expenses and/or to return their entire deposit if they decide to move out3) Discount the rent while the renovation as going on since it will surely be an inconvenience