Do you have to keep the security deposit in a separate account?

Here's some hopefully, helpful cut & paste info:------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Due to recent security frauds and banks not covering losses adequately, apps like Zelle may not currently be the best option.

If your have tenants leave every 1-2 years and if it takes you a few months of lost rent to secure the next tenant what does that do to your numbers?

@James KieferRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

I do a lot of direct bookings that take security deposits, but with Airbnb, they are always tough.

I used furnished finder and keycheck to find tenants, screen them, and collect rent/security deposits. 

Like you, I was eager to start investing in real estate but decided to hold off until I had more visa security.

We use a YTDpaystub and last year’s W-2(s) to calculate income several different ways:Hourly or salary income calculated to a monthly amountYTD income divided by number of YTD monthsYTD + W-2(s) income divided by the corresponding number of monthsIf these numbers vary too much, then we investigate and require an acceptable Letter of Explanation.Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment to make surethey’ll always be able to pay the rent on time.

First, request the current rent roll, which details each unit’s rental income, lease terms, and any security deposits.