Sellers may struggle to mentally shift from "owner" to "tenant," which can create challenges with boundaries and property care.Security Deposit:If you’re doing a temporary leaseback, be sure to collect a substantial security deposit to cover potential damages and ensure they vacate on time.

If the tenant complains there is no heat, you should respond.

Also helping was a relationship with that bank (deposit accounts) and good credit. 

Separate accounts per property incurs a lot of overhead, such as minimum balances or fees for missing the minimum.I use separate accounts for each tenant's security deposits.

Signing the lease demonstrates they agree to the terms and then you can hold them accountable.If you don't do this, then the person named on the lease and paying the rent could disappear and you would have no legal authority to charge the remaining three for unpaid rent.

Most work with us, some do not.Be careful also as they may tell you to keep their security deposit as last month's rent.

Finally, check with the Town to make sure there are no municipal liens, Make sure they're on Town sewer, check with the tax assessor to see how many bedrooms the tax office thinks there are, (important if you are flipping) buy ok to have more bedrooms if you are planning to buy and hold.  

It is not really a thing, no.

My buddy sold for ~$500k over its existing use value and no contingencies and did not even convey existing tenant’s deposit.  

No one ever figured it out .