Too much risk and sets bad boundaries for tenants.Many use Venmo, Zelle or just have tenants deposit at their bank (local branch).There are also several free DIY PM softwares that have rent payment built in, but they charge the tenants a fee to do so (that's how the companies make money).

I know this isn't your problem but if you are able to move before your lease ends I will pay you $1,000, prorate your rent to the day you move and return the security deposit together with the extra thousand and prorated rent the day you give me the keys.

To sweeten the deal, add non-monetary incentives like free carpet cleaning, a waived pet deposit for an extra pet (if comfortable), or a dedicated parking space.

If they damage anything, I am afraid the security deposit is not enough to cover.

Your assignment agreement should specify the amount of EMD you require and the timeframe for it to be deposited.

Not legal advice, but if you rather not ask a lawyer, offer him out of his lease and full deposit so he can find a place more to his liking.  

Pay the small amount to have a licensed CPA under a retainer agreement and contract in writing with you pay all bills and taxes and issue all deposit refunds etc.

Easiest way to ripoff an OOS investor is to sell them a Class D rental with a S8 tenant that was enticed with no app fee, no security deposit and really no screening.

You then sent Holton-Wise money to fund your property management escrow account, you also authorized the Title Company to send the tenants security deposits to Holton-Wise at closing.

After much, MUCH MUCH research within a 24 hour span.. we decided to NOT pay the winning bid at the county and be out our initial deposit.