The rent roll was so close to 1% of list price (which in my opinion is too high to start with) that I was instantly interested. 

I win in court and tenant is kicked out in 24-48 hours.In 90% of all situations, the tenant leaves before I have to file in court, I use their deposit to cover unpaid rent and as much cleaning/repairs as possible, and I move on.

This allows you to deposit the rent and pay expenses out of a business account instead of a personal account.

Never skip your due diligence OR I would charge the biggest deposit allowed in you state. 

We didn't want to mess around with a rental agreement and a deposit etc., because it is short term, 30 days or less. 

@Vivek Kumar, For a tenant like that I might charge 2 months deposit (max allowed in my state).

The annual returns for example are an instant red flag.

I do not take the listing down until I receive the security deposit.

I'm sure I'm missing some other options, but none come instantly to mind.

Or, am I overreacting and PMs truly just lease the property, hold on to deposits, and fix things when they're broken?