I believe best practice is to have them make the security deposit payment within 24 hours.

First wholesale deal question.I've got a property under contract with a $100 earnest money deposit.  

I mean just look at those that get all nervous with EM deposits even though they are not going to lose the money ..

There are no deposits in place.

Have a separate bank account for deposits and rental income.

@Brandt Thompson...assuming you're going conventional financing, and you're truly going to rent the property, just make sure you get a lease agreement signed and if you can't get a deposit, have a 1007/rent schedule done that will back up the lease, and you should be given 75% of the lease to offset the PITIA. 

A check-out list of suggestions for restoring the property to move-in condition, to enable the full return of their deposit.

I might consider them if I had no other candidates , but only with 2 months security deposit in addition to the rent. 

At least in NJ its straight ad valorem, with the various tax assessors updating assessments in a periodic hodgepodge way...Pre 2007, our attorneys did the closings and the brokers held the initial deposits. 

But now he’s asking when he’ll get his deposit back.