Go to your bank and ask for instructions for your tenant to set up direct deposit into your account.

My tenant will be transferring security deposit into my business account.

Hi all,I have an ex-tenant that owes back rent and damages after they left that the security deposit doesn't cover.I read some forums here and am getting some mixed signals on the process of collecting debt.The way I read it is you can just go to a debt agency with in my case the signed lease and also the security deposit transmittal showing what's owed and the collections agency can legally take it from there.

Obviously you don’t want a vacancy over $40, especially with a $2,000 security deposit. 

Which would also help me recoup some extra to add to their security deposit, since prior landlord only charged 1/2 month rent for security deposit.  

Chicken and the egg.A non-refundable earnest money deposit, or option purchase, might help you get it under contract.

Once I plan to offer the unit, I offer it contingent on successful background check: In addition to the basic applicant approved transunion smart move through buildium which I pay for, when smart move stopped providing criminal background data, I  added a $49 tenant paid service through rentprep for nationwide criminal and eviction, bank account deposit verification, and employment verification.

These were farms, land with timber harvesting, land with some mineral deposits.

If I had submitted a non-refundable deposit but the financials still made sense I would still go through the same process.

If you know that something major will need replacement in the future, increase the monthly amount you are depositing into your reserve fund.