After searching more, I found a few BP post where people seemed to have one account for all deposits, and keep only deposits in there.

The accountant would record it as of Jan and not Dec. 90% of the real estate investors are running cash-basis.

My buddy sold for ~$500k over its existing use value and no contingencies and did not even convey existing tenant’s deposit.  

Off market deals usually have nonrefundable deposits and a clunkier process that isn't as suited for out of state people until they have good contacts in the area to evaluate the property (mostly contractors that feel comfortable evaluating projects for you).

While your deposit remains safe as equity. 

Frankly, the property manager should make a move smooth by sending all the files and transferring all the deposits in 1 statement.  

I'm originally from Kentucky and moved to Palm Beach County to pursue real estate full time.

@John Zhang If your wife qualifies for Real Estate Professional Status (REPS) and materially participates in managing rental properties, there is no limit on the amount of rental losses, including depreciation, that can offset your W-2 income.

Here's a good folder setup.Bank StatementsCredit Card StatementsProperty Management StatementsMortgage StatementsSTR Platform StatementsInvoicesReceiptsClosing Documents (Purchase/Refi/Sale)LeasesCheck & Deposit ImagesVendor ContractsW-9’s & 1099’s

What trends are local real estate investors in the Greater Nashville area currently seeing or interested in?