For those landlords who take security deposits in City of Chicago, is a separate business bank account sufficient for the security deposit or do I still need to set up the special landlord account that requires all W-9 paperwork from tenants etc?

I have not had Voucher tenants before, I am thinking about asking double deposit as they are not making employment and salary criteria.

How would you handle this in the security deposit?

Regardless of situation you should be aware of all lease terms of current tenants, security deposits, tenant contact info, pets, rental rates, etc. 

When we purchased this property, the seller requested a 3 weeks leaseback and we agreed to it with a 5k hold back for deposit.

The purchase price was 845k and the rehab was going to come out to 380k with an ARV of 2M.During the process, our contractor unfortunately took our deposits and did not complete the job.

Sorry to hear about your recent layoff, but welcome to the wonderful world of real estate where the possibilities are near-endless! 

Offer some incentives like paying for their move or covering the security deposit and first months rent at their new place.

He was able to fight the mugger off and then had him arrested - which is how the scheme was revealed.Only logical reason to accept cash is if you're trying to hide income from the IRS.Otherwise, require your tenants to send you money orders or deposit cash rent into your bank account.

There seems to be endless money chasing anything near the beaches but there are still opportunities.