Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

The only ones that will pay are the same ones that would have paid when you filed for the eviction.

Don't forget to tell the tenant where you will store their security deposit.

When I started, I  submitted great deals to a corporate cash buyer,  they went behind my back and secure the deals with the sellers, after the  contracts expired.

Would it be a good idea to take a deposit to secure the deal until the rule clears?

A minimum of $1M in coverage provides added protection in case of major liability claims, though $2M–$5M offers even greater security depending on your situation.

Very few allow any subordinate financing below their note but I do have ONE that allows 90% CLTV (they loan 75% and allow you to secure a 15% seller carryback as long as you come in with 10%). 

I wonder if Mitch was able to get his refi done before a NOD was filed and or late payments were put on the orginal sellers credit report.. this is the real risk to the seller if they value their fico score at all.. on some of this stuff the sellers credit is already trashed and they dont care.. but if folks buy from someone that does care holy cow when they get the NOD notice its right to the attorney.. 

We have a modest security deposit collected up front along with 1st month's rent and the cleaning fee.

But you don’t need a new lease to make a security deposit amendment, that’s just a one page amendment.