Normally the rent would be paid as usual, and the pro-ration would be done in the closing accounting along with other prepaids like taxes etc.

Prepaid credit card, prepaid loan, within a year or two you will have established decent credit.

You don't have to worry about paying for loan origination fees, prepaids, discount points, etc and you won't need any form of down payment and your monthly payments (even after paying 2 separate bills, the mortgage and the seller carry) you still will only pay roughly the same amount that you would have paid had you just got a regular mortgage. 

I think its actually included in your cost basis along with the other closing costs (not prepaids and escrows).I didn't think this tax treatment was pro rated. 

"Cash to Close" is much greater than buyers expect“Cash to close” includes the entire down payment, all closing costs, transfer taxes, and prepaid interest, property taxes, and insurance.And the final number is almost always larger than most buyers expect.

Quote from @Matt Robinson: Assumptions are dangerous, my friend.You should contact the PM with a list of what needs to be transferred: security deposit, prepaid funds, application, lease agreement, spare keys or codes, etc.

get their ledger to make sure they are paying on time, get an estopped certificate, make sure you get the move-in checklist from the seller, the security deposit (and any prorated or prepaid rent) should transfer to you at closing.

So, you'll need cash on hand to cover the difference, usually call the "money down," and additional cash to cover the closing costs and prepaids.  

(If they go on a rant about their current landlord being a slumlord, with everything broken and mold and such, just know that you, if you rent to them, will be called the next slumlord.)Personally, when I was renting apartments in philadelphia for a company, we accepted a international student who prepaid 12mo because she had no credit or income to qualify for the apartment.

Buyer owed $100k purchase, plus $350 appraisal, plus $1000 for prepaid taxes/insurance, plus $3,000 is closing assistance from seller, minus $200 for pro-rated taxes, minus $80,000 coming from the bank as a loan.