I also need to find out what the best way is to go about collecting the payment online from the tenant, then direct depositing the amount after my fee into the owner's bank account.  

I am a landlord in MA and recently had tenants move out and cause damages to my property (soot all over the walls + holes which required extensive cleaning, patching and re-painting).I did have a security deposit, but unfortunately, I was not aware of the very specific security deposit laws in MA. 

Make your offer contingent on proof the numbers are accurate ( if they acceot your offer ask them to provide T 12, rent rolls, utility bills, proof of deposit, Tax returns etc)As far as it being big enough that depends on your goals, what are you looking to accomplish and how will this building help you do that?

Are you requiring a non-refundable deposit- that goes towards purchase when they buy. 

In my market, a security deposit or cleaning fee on my rental would result in almost no bookings.Hop on craigslist and/or Zillow or call a local real estate agent to get data on actual long term rental prices others have paid or are currently offering in the area.

He’s out of state so I cant just go meet him He seems very knowledgeable about real estate but I don’t want to be burned tying up a property and potentially losing my deposit and the deal.

My PM has, over the last several months, has stopped depositing the rent money into my bank account, stopped providing monthly statements and generally ignored my emails.Thank you,Jason

I came across John Cochran aka the "King of systems" and of systems Saturday videos..so he has a 90 day investment challenge where he provides info and coaching for 90 days and all deals are split 50/50 but he asks for a $2,000 upfront deposit which he says you get back on the first deal.Anyone have any info or reviews on this?

Steve, how would this work with the sec deposit?

If the auction company is actually returning your deposit and not defaulting you you should feel extremely lucky.