It's written into the lease that tenants must deposit their rents into that particular account (either by online bank transfer or by walking in a check/cash); I do not collect rents directly, nor would I if anyone asked.

We are now suing them in TX small claims court as the security deposit was not enough to cover the 2 - 3 months rent after they trashed the house. 

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.

Sellers rarely mind the low deposit and extended closing period due to the nature of the property, or at least they can be made aware of the fact that their lot has issues that will take MY time and MY money to solve and then they come around.My terms on the flip are: Minimum 10K spread between purchase and flip value.  1-2K deposit upfront to hold the property for 7 days then the deposit becomes non-refundable after the 7th day and the buyer has the same amount of time that I originally negotiated with seller typically 8-12 months(its a purchase contract but because of contingencies its essentially an option).  

.: You don't need insurance or a deposit.

You take a deposit per usual and charge them for any damage beyond wear and tear.

-Decreased security deposit to 1x for MTR.

These are NonQM loans that underwrite by using the gross cashflow (as evidenced by net deposits in your bank account or how much was reported on your 1099) and then applying an expense ratio (usually 30-70%) to determine your gross income.

Consider getting a statement signed by all parties which states that everyone has agreed to terminate the current lease early on X date and all obligations by all parties have been paid in full and that the deposit will be kept by the landlord and will be applied to the new lease. 

Do the condition of the units match market rents?