Additionally, have a clear budget, factoring in potential repair costs, and ensure you understand the rules about earnest money deposits and closing deadlines.LLC for Real Estate Investing: Forming an LLC for rental properties can offer liability protection and may provide tax advantages, though the tax benefits are non-existence for rentals.

What about the security deposit? 

Put down deposit, lease isn't signed. 

to me in areas that are big wholesaling markets lots of activity how are you going to break into this and offer your 1k deposit to a wholesaler.. for a fee and how much can you make..

Are you only referring to damages in excess of the deposit?

Also lower your rent a bit ($1300) and reduce your deposit to $700. 

Consider 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.

Verify that the addresses given by the tenant on the application match the addresses on the credit report.

When it comes to insurance displacement, it's like a lottery ticket as you'll need a home that matches the guest insurance policy coverage ie.

They will try to run 2 kitchens and that can mean clogged drains in your wet bar kitchen.Be sure there is personal recourse when you need to sue them for $40k in repairs above the deposit.