As a relatively new landlord, I was posting to gain perspective and to bounce my ideas off of a more experienced community for a situation I hadn't run into.In fact, this tenant pre-paid me the first six months of rent, deposit, and fees in a single check.

I know a lot of idiots who have a lot of money, due to their financial position, they believe they are endowed with knowledge they don't have.Private individuals can not charge points, points are pre paid interest to registered lending entities.Lending as a business requires registration and licensing in Mo.Not using your own personal funds?

At lease signing, the binder is treated as pre-paid RENT and has nothing to do with a deposit.

Because I want to pick a system and be done, I am not back into shopping mode because I dont want to use whats left of my prepaid year with buildium only to have everything worked out and switch next year.If I lose my prepaid year, so be it.  

. * Prepaid Expenses ** Property Tax Escrow ** ... * Property ** Accumulated Depreciation ** Purchase Price ** Building Improvements ** ...123 Main St - Liabilities * Current Liabilties ** ... * Long Term Liabilities ** 1st Mortgage *...123 Main St. - Income * Rental Income * Coin-op * ...123 Main St. - Expenses * Operating Expenses ** Repairs ** Cleaning ** ... * Non-operating expenses ** Interest ** ...You get the idea.

I have heard landlords getting the "Prepaid Legal" policies to cover them for tenant issues like this.  

We book it as a prepaid service and hold the monies in an escrow account.  

Ask about going hourly without a retainer, that's just pre-paid legal services.I suggest you give careful consideration to what you want to do in RE, will you ever take on a partner, have someone act as a birddog for you, do construction in your business name????

If you have a pre-paid legal service these documents can usually be reviewed and customized fairly easily through the service.

Good luck, and be prepaid to pay the city of Chicago the most corrupt City in the USA.