Hi, I've just received several tenant deposits for my first home.

I have 1 month security deposit.

Because,  the deposit by itself is not enough to protect property from any big damages, would adding more rules in the contract next to the basic contract help?  

Put damage deposits and rental reserves in a high yield savings account or CDs.

Make sure you get proof of actual rents and security deposits as verified by the tenants through estoppel certificates.

  ( I'm  thinking  what a gold mind).If one could be bought  for $350,000.My   rehab for $120,000.Low or no deposit. 

For holding security deposits the state requires that you use a bank located in the state of FL.

Hey mate,Keep costs at a minimum.If the carpet is good/new.Leave it for now IMO and deal with it at a later date.And can always not accept pet's as per your lease or if you do, charge a pet deposit and monthly pet fee that will assist with any future repair needed caused by pet damage.We own a PM company and do the same.Thanks 

Make sure you get estoppels for all rents/security deposits. 

I gave an applicant who was closest to but didn't qualify the option of bringing me a qualified co-signer and higher deposit or I'd need to reject.