Hello BiggerPockets community,I'm having some confusion with standard practice for 'First, last, deposit' collection in the scenario that the first month will be prorated.Say for instance: My property has a rent of $1000 monthly with a deposit of one month's rent ($1000), and a targeted lease start of the 15th.Given that rent will be due on the first of every month, what is the amount which should be collected for the initial 'First, last, deposit'?

It's vague enough with the 5 star system, where a 4 out of 5 is the practical equivalent of a dumpy motel.

@Vernon Huffmanthose are paper numbers - it won't actually turn out like that in practice. 

What is the rules and what is the practical items to consider?

However, modern appraisal practices require that these spaces with low ceiling height be valued LOWER similar to how a finished basement is valued.

Building your network might help you learn new things and get more possibilities.To obtain practical experience, if you're new to real estate investment, think about beginning with a smaller project.

And I am not affiliated with him in any way...I am practicing gratefulness today and thought of him and wanted to put the word out there.

An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do. 6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).

Will make it a standard practice on all future projects as well!

I haven't done this personally, so maybe somebody else can chime in with tips or advice, but this seems to be an established practice among investors.I don't take cash or collect in person, and it's $50 extra if I have to do either.