REI has processes in place so portion of the Security Deposit/ missing rent had to be covered by tenant.

You Open Escrow, deposit your Earnest Money Deposit and your due diligence period starts (unless otherwise written into the contract). 

Banks (and credit unions) want to put their deposits to work making money as loans.

A deposit on that site is required to bid.

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

While your deposit remains safe as equity. 

Substantial deposits (2- 3 months rent) and thorough vetting are the best ways to mitigate.  

We don't have much capital to work with outside the equity in our current home, but should be able to come up with first/last/deposit on a rental without selling.  

Hope you don't put down large earnest money deposits... these guys will make sure you lose them! 

I am now strict about the credit score, and not negotiating any of the other terms like decreasing the pet fee or security deposit to accommodate them.