Are they holding the money, or are they spending it?

Have them sign a holding agreement and pay over the deposit. 

If the plan is to hold for 5 years and sell then maybe existing is ok. 

If you are working with a reputable company, then you buy the property, hold the property and look up 7-10 years down the road and have a home that has increased in value and a debt that has been reduced by your renter.   

There is less competition now and the saying "Don't wait to buy real estate, buy real estate and wait" ALWAYS holds true!

You hold it long enough or pay it off faster, now you got a property for low initial investment with a chance of cash flowing a nice amount when I get older.

If you’re a California resident, the state will still expect you to pay its annual franchise tax for your LLC, even if the LLC holds properties out of state.

It seem like a great long term hold with the appreciation BUT I think selling would be ideal.

Investment Info:Single-family residence buy & hold investment.

Property prices are still very affordable, which makes it great for BRRRR or buy-and-hold strategies.