Another week to collect security deposits, review applications, and place tenant is another $21 per month lost.If the price had simply been reduced by $50 per month after a week with no applications, you've essentially broken even.

I assumed they would put up the earnest deposit immediately.They want me to take my listing down and I refused twice.

If they lease between November and mid March you are adding vacancy to find the right person at an optimum price so I would  make sure they end leases and set new expirations in the spring to early fall to ensure that.Back to asset class though think of that because if the preexisting tenant is dirty and destructive not only do you need to pay to fix the stuff their deposit won't cover but you also might have 2 to 4 weeks of vacancy before you can even start to lease it. 

And if so, what is the cost and prospect for collecting something, certainly not all, but something.My thinking is that if it shows up on their credit, it may hamper employment, car purchases, rental applications, education funding, etc and at some point they would need to pay me to go forward with some major life steps over the next 10 years.Your time and money would be better spent updating your rent requirements to get better tenants, increasing deposits if allowed and proactively evicting tenants who are behind so you don't get back in a position where someone owes you a substantial amount of back rent. 

While the standard Chiacago Association of Realtor's City of Chicago 2023 lease is updated and compliant with new 2023 security deposit rates and local ordinance, we always recommend implimenting an additional "overlay" or addendum that helps protect the landlord against many things that the standard lease cannot standardize that many landlords would like to, like no smoking.

@Tanner Lewis the new build 4plex is already prepped to be built the builder is just waiting for a buyer before they start the project. so i wont have to go to a hard money lender. how its going to work is 10% of the total cost so 77500 i will have to upfront deposit to the builder. the builder will then go to get a construction loan and start the project. after 6months if i back out of the deal the builder will keep the deposit, if i continue then that deposit will count towards my down payment. and the cabins i am thinking to maybe build myself with a blueprint/kit or have a local builder help me with them. i dont want to do anything crazy just a simple but aesthetic cabin. but yeah will require examining the land and getting permits and all that.

Non refundable pet deposit of $250/pet with monthly pet fee of $20/pet required.

As much as I am tired of being a landlord and complain, there were many YEARS where there was nothing than depositing cheques, or later just electronically receiving them in Zelle. 

If your property is located in the city of Detroit you can transfer the water to the tenant all you need to do is setup your account as a landlord account and you need to deposit $150, then once a new tenant comes in you tell the tenant to sign up as a new customer with the city and the water will be billed to their name and SSN. 

The funds your "deposit" with them sit in a money market fund.