All profits must be deposited to retirement funds. 

They will review the documents they request you to turn in and once approved, they will have a W9 for you and your account information so they can start depositing the future rents into your account instead of the previous owners. 

It works kind of like Venmo in that you can either pay a small fee to have the money deposit right away into your account or go the no-fee route and have the money deposited about 5 business days after it posts.

I've even had banks say they'll write the deal if I deposit 10% of the loan value back into a money market at their bank.It's a crazy world - 

Make sure you know every single law like notice periods, security deposits, screening/discrimination laws, support animals and so on.

For example, I often see Buyers purchase property thinking there is a $1,000 deposit but then the tenant claims it was $2,000 because they paid the last month's rent.

Security deposit is not enough to cover the turnover and back rent.

Run the payments through any automatic money handling source.Escrow account, checking account, auto deposits work great.

In addition to this what else can I do to protect myself and ensure that they don't take anything more than is required from that security deposit?

@Yusuke Koike if damage was that extensive where the unit is not habitable, check your state/local landlord tenant laws as some just require you let them out of lease, return deposit and refund rent for any time they’ve paid that they can’t live there.