However, the statute provides for exceptions that are important for CA landlord’s to understand.First, the statute expressly states that the one month limitation does not apply to rental agreements entered into before July 1, 2024, so if you have an existing security deposit of two or three times the monthly rent, you do not have to reduce that security deposits to comply with the new law.

If you're going to use it for rehabs, read your loan agreement very carefully.

Also, you'll want to have legal documents drafted, specifically a mortgage lien, promissory note and some kind of JV agreement.

But, you asked about a nonrefundable deposit - subject to the local laws, the agreement you make can be anything that the buyer and seller agree to.

I also suspect you signed a tax proration agreement wherein you agreed any discrepancy in the tax payment would be handled between the buyer and seller and hold the title agent harmless.

The seller however should have made a note in the sales agreement and reminded the realtor of any restrictions. 

Another heir who is entitled to 40% of the property ownership is also in agreement to sell. 

We have access to personal capital through equity and recently offered on a boutique motel that we were going to manage initially, but couldn't come to agreement with the sellers. 

I just signed a consultancy agreement with a data center developer who is currently looking to purchase property suitable for data center development within the Commonwealth of Virginia.

I can shoot you templates on this kind of outreach and how to structure your agreement with them if you're a first timer at this sort of partnership.