Crazy thing is, you'd be surprised how many BP investors cry when we do intelligent things like replacing the 1970's fixture instead of driving around to an endless amount of stores to find the parts needed to fix it.

The Mortgagee must obtain a lease agreement of at least one year’s duration after the Mortgage is closed and evidence of the payment of the security deposit or first month’s rent.

For the month of August 2024, they are saying that they have hardship and want me to use the money they paid as security deposit (2X rent).Legally, am I required to use security deposit towards rent when they are delinquent or can I move forward with eviction process?

It usually starts with a notice being posted, so get that done asap to 'start the clock'.Keep in mind you should receive their security deposit as a transfer from the previous landlord as a part of closing, so that will at least compensate you somewhat for the lost income if they haven't trashed the place and such.One other set of questions would be - do you want them to leave?  

It certainly could improve your cash flow but it won't help with finding prospects, screening tenants, maintenance, deposit dispositions, etc. 

We have just 5 properties, but with turnover each year, it is very time-consuming to figure out security deposit refunds net of any deductions.

Anything can happen: the market can shift, we can go into another extended lockout period, the property can be destroyed by a natural disaster or by vandalism, the list of contingencies is endless.

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.

(Had a tenant put a deposit down and has taken a month for the PM to put in a fridge and stove. that was paid for a month prior to that).

How have you handled the transfer of all deposits/payments received and the remaining payments received after closing on those future bookings?