(I guess that's what the $3K to $4K deposit is for)(3) Is it difficult to find private money @ 12% over 5 years to fund these deals?

Since mid August til now I have lost 5 tenants, well two left deposits and moved in prior to the month.

 :)To anyone reading this: if you happen to think using other people's money means you don't need any of your own, raising outside money may help you recover your expenses, but you still have MAJOR out of pocket expenses, typically, due before you can raise any money:Earnest deposit: most people raise after you get control of a deal.  

Hopefully, they don't go bankrupt lol - In order to get started with the process, I have to pay $1000 deposit. Fully

Only thing better would be initial deposit and then paid in full upon Certificate of Occupancy and punchlist complete.Of course, standard items should also be checked: licensed, insured, willing and able to pull all required permits, reference checks.I would also commonly avoid the cheapest bid you get.  

. :) I wanted to go with Chase bank too for the same reasons you did, however, my attorney warned me that he has had multiple clients who had to go through endless hassles to accomplish their goals with them.  

I had a deposit on a Cirrus Jet and that was driving me to attain more income as owning a Jet is a 200k minimum a year expense.

You can also request a security deposit for extra peace of mind. 

The state doesn’t have rent control laws, but landlords are prohibited from collecting more than one month’s rent for security deposits.

From mid july I started noticing I have not received any deposits and I thought it might be a delay since it is a new property.