You just need to supply them with a scope of work that outlines what you will be doing to the property.

Perhaps not a trend to consider across the city but any neighborhood that would attract college educated young professional families seems to be a good bet if you wanted to focus on this asset type.I plan to build 12 townhomes as a second phase of a condo/townhome project in a good area of Mount Airy near the Chestnut Hill boarder and even though I’m likely to years away from being ready to begin phase 2, my current plans are to keep the 12 homes as rentals for the precise reasons I outlined above.  

@Kevin Hubbard - Dave Foster did a nice job of outlining the mechanics of transactions.

The deposit belongs to the tenant, not you, so it shouldn't be subject to any terms outlined in the PM Agreement.If you have a written contract, I recommend you dig through it carefully to understand what you agreed to.

@Mike Hern so long as you hit the criteria outlined, I would treat as a STR.

@Evan Polaski outlined a good case for this above and I agree with what he wrote.  

A DSCR of 1.25 or higher is usually required.Property Appraisal: A professional appraisal to determine the property's value and income potential.Business Plan: Lenders may require a detailed business plan outlining your strategy for managing and profiting from the property.Experience: Demonstrating your experience with smaller multifamily properties can be beneficial.

At this point in my response I outlined what actual market rents were for similar properties.

Well typically speaking the arbitrager, but the real answer is the lease agreement will outline who is responsible and it is technically negotiable.

Typically, you’ll need a promissory note (outlining the loan terms, interest rate, repayment schedule, etc.) and either a deed of trust or mortgage to secure your interest in the property.