He ask for a $500.00 deposit, which he would return after you completed all the calls.

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.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

I did receive another few deposits of about $6K dividend. 

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

So make sure your GC understands there will not be a 50% deposit etc - it would be more like a commercial construction type where you pay for portions of work when complete

The boyfriend has since advised me he is no longer at the home and wishes to have "his" security deposit returned to him.

In small college town with high rental demandAsk price 745kGross rent: 9750/mth 177k/yr     (differed maint properties with potential 200/mth per unit increase once renovated) estimated reno (190k across portfolio)NOI: 91,475/yr   (12.6 CAP)    (includes tax, ins, listed maint for past yr)     After reno NOI 127,475/yr   (14.6 CAP) Deal info:    - Owner finance 745k 20yr at 6% 20k down minus deposits (~13k)Cashflow  = 2100mth     (self-managed) (self maint similar to the previous owner)By this alone, 2100 cash flow added per month, it will put me at my financial freedom number of monthly cashflow is equal or greater than my families spending amount.

I have my painter itemize extra charges so I can deduct from deposit.