To get a good rental income, be sure to check who you rent to very well, write a clear rental contract, take a security deposit, make a smooth way to get rent, keep the house in good shape, think about getting landlord insurance, keep talking to your renters, and follow local rules strictly.

I didn't read all replies so someone might have said this already but I do accept credit score under 620 with two times security deposit amount. 

The IRA-owned LLC can open an additional bank savings deposit.  

She gave a deposit of $765 but smoked in the unit for 2 years.

Do you have the cash needed to pay the attorneys fees, and the cash needed for the due diligence Inspections, and the cash needed for the earnest money deposit, et cetera.

Security deposits soften the blow of tenants that stop paying or vacate before end of lease.

How do you file a judgement against a tenant for damages beyond the security deposit?

If the rent is deposited into your account then you have accepted payment.I use apartments.com and zillow to handle payments - they allow you to block payments.This won't help you this time but in the future your lease should specify how they are allowed to pay rent, specify payment options that give you control over the payment.

The security deposit is capped at 1.5x the rent.

In my area tax auctions don't have deposits.