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.

Also, do I charge a deposit?

When it was all said and done, between the cash-out refi and her deposit, I had almost all of my money out of the project and had a few monthly cash flow dollars in my pocket due to the interest rate spread.

In that case and even if not you should have separate bank accounts for security deposits and operating funds.

I have one inherited tenant that pays me via check on the first but post dates it for the 15/17 (his social security check deposit date).  

He said he would move out by the first of next month but demanded I give him his security deposit back, in full, right now.

@Kevin Drouillard here are some ideas:- First month free so they pay security deposit, transfer utilities and move in.

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.

I would offer them double their current rent amount, so they have enough to cover a new deposit and have some play money - which is the incentive.

Using it as a DP on a income propery you can deposit your rent checks directly into your HELOC account and withdraw your expenses from the same.