Second, the flooding is due to the tenants clogging the toilet and then allowing it to run.DO NOT use the security deposit to cover any repairs.

Do they have to put down another deposit when they take out a mortgage or is there a way around that?

Gather up your transcripts, diploma, 3 years tax returns & W-2's (if you have that many), 1 month of your pay stubs ( if it's direct deposit they still send you something) & 2 months of your bank statements and find a good lender to get you approved through FHA.

They all get their rent deposited into our account. 

I worked at an apartment complex where we rented by the bedroom and it's very important to outline policies regarding the security deposit, shared common areas, damage charges, etc. 

Do you have a copy of their original leases, deposits and esstopal letters. 

When I looked at my properties, it was maybe 1 in 10 people who left due to their lease expiring and they moved out, got their deposit back, all is well. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Guidelines have loosened up a bit recently and there are a lot more lenders doing loans for these borrowers using bank statements to show deposits, I even have a few stated programs available, but even these programs still require 2 years self-employment history.

Don’t allow tenants to move into the property unless they have rent and security deposits PAID IN FULL!!