( 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.

A lease with the option to purchase at market rates makes sense for right of first refusal if they have money to deposit.

If your State law allows it, you can ask for 2 month security deposit if you think they may become high risk or you can simple move onto the next application.regarding the mortgage in question and monthly debt payments?

Everyone wants to move out as soon as possible.Thankfully, I have moved out last month, but you haven't returned my deposit yet.

I had my handyman do it for 15K and now rented at a higher rate....Another property in Florida, the tenant left such a mess in the house (gum in the carpet, drawing on the walls, etc), and the property management Company (I think their name is Watson) wanted to fully refund the tenant their security deposit! 

I would go with workshop option, but get a deposit and signed lease before you start the conversion on the garage to work shop.