I absolutely collected first, last and security for my class-C rentals until NYS prohibited that practice back in 2019.Many tenants cannot manage their money properly, so this mitigates the issue of not being paid last month's rent when they need to move and the new landlord is receiving those funds they have allocated for their housing during the last month of their stay.This was also helpful to me to pre-screen who has their financial house in order and had saved for their moving costs as part of their planning.If I still could, I most definitely would - without exception.

Once you get that, sign it and send it back, then request their financials and documents pertaining to the sale. 

I stumbled upon BP, asked dumb questions, received a lot of great (free) advice and help, and I now own 5 investment properties (2 of which are mid term) along with a current live in flip, continued success in my career and index fund investing, and hit financial independence at 41.

You are in a fine spot financially, at least from what you shared.

Stessa's reports are great, but the sync issues with financial institutions drive me nuts.

I don't have any of their financials yet but expect that they ran solidly for years with a knock from covid.

@Vincent DeLucia check out our website where we have the entire Metro Detroit area listed by Property Class and the 183 Detroit Neighborhoods.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Talk w/ each tenant, work with them if necessary on an increase schedule that won't cause them a financial hardship but helps you achieve the increase.

What are some ideas should i explore so that I can minimize the financial loss in this situation especially given I cannot refinance even if the rates were 0% as my property value won't appraise.

That is good logic, I'll keep trying to problem solve it.