Is there any security and/or pet deposits coming your way?

So the bank is making $63,000 from your $100k deposit minus the $1,000 in interest they are paying you...How is that for a ROI ?

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

One thing to note here though is you want to make sure that you deposit your money through title and that you get a deed of trust on the property to protect your 10k.  

Offer to refund his deposit immediately as long as there's no damage (you handle the cleaning).

Do they want a deposit? 

Once approved, we offer a lease to the tenants, collect first months rent (which we retain) and security deposit (payable to owner)  We also make sure they have utilities transferred and renter insurance in place before obtaining keys for move in. 

The tenants signed the lease, paid deposit and ready to move in.

Ask them when they issue distributions (anything before the 15th of the month is a red flag), do they require reserves, how is maintenance charged, do you see copies of outside contractor bills, do they upcharge materials (PM's have LAR accounts with Lowes and often get 20% off), do they keep all late fees or just the management fee, what other fees do they charge (renewals, inspections, etc), where are tenant security deposits held, how are evictions handled and are you consulted before filing, what screenings do they run, what qualifications do they require from tenants, ask for a couple other owners to visit with for a reference. 

There seem to be endless people charging for mentorship but no real clarity on what you will gain from them.