You will also want to draft a comprehensive lease agreement that outlines terms such as rent amount, due dates, security deposit, maintenance responsibilities, and any house rules.

(In other states there are very different processes where you can actually finance foreclosures and have 30 days to close, etc, etc.)The short version for Florida is that you have to have 5% of what you want to bid on a property on deposit with this website.  

He is asking about the security deposit.   

I paid him 20 k deposit and then paid him for all work once it was complete.  

Any additional tips or corrections would be greatly appreciated.Example:If the PM sends an owner statement showing:Gross Rent Collected: $3,000Property Management Fee: $300Miscellaneous Expenses: $200Net Rent (Amount Deposited): $2,500In QBO, I would:Record an income entry of $2,500 for net rent.Separately, record any additional expenses paid directly, such as:Mortgage: $1,200Insurance: $100Property Taxes: $150Summary:Property Accounting: Handled by the PM company and detailed in the monthly owner statements.Corporate Accounting: Recorded in QBO, focusing on net rent income (after PM deductions) and any additional expenses incurred.Please let me know if this approach is correct and if you have any suggestions or adjustments to ensure compliance and accuracy in my accounting processes.Thanks for your guidance!

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.

As soon as a tenant gives notice, I copy the template and create a new checklist, assign all the tasks (in your case they would all be assigned to you unless you have an assistant), and then set deadlines for particular steps like "Tenant Turns in Keys" or "Refund Deposit." 

Meanwhile he's going to be wanting his deposit back. 

But how do you know what to take out every month from the bank account once the rent checks are deposited? 

You want Tenant A out, you inspect, you handle the deposit, then you move Tenant B in.