You will need to provide a $5000 deposit for each property you wish to bid on. 

That's more like a typical security deposit to rent an apartment, lol. 

The vast majority of lawsuits against landlords involve wrongful eviction, security deposit disputes, and Fair Housing Violations.

Your landlord could also allow the charges to compile until you leave, then deduct it from your deposit. 

Did you collect and keep an earnest money deposit from that buyer?

I've had one tenant in all my years dispute the deposit itemization.

I suspect all security deposit need to go to the owner or a new PM..

Financing-  build a relationship with a regional banker, don’t shop for interest rates, start small and build history and loyalty they are your team, Cross collateralize, deposit CD/MM or custodial account with bank for loan, give them monthly updates, nail your deal analysis, do stress tests on your deal analysis-cost/interest rate/deal length/ sale price etc. 12.  

It markets our properties, screens our tenants, collects our rent, deposits it into our bank accounts, has full accounting and reporting features, has a tenant facing web portal & app where tenants can log in and report maintenance issues and see their account, etc, for $2/door/month - but they have a $45 minimum monthly fee... so up until you cross 22 doors it would be $45.

Please consider this if you move forward.Additionally, you need to have a broker on payroll in illinois and three separate bank accounts with the security deposit trust account located in illinois.