This method is simple, free, and fast.You could also provide deposit slips, so tenants can deliver their payment directly to the bank.

For many owners, this is a win.Other owners may value the consistent monthly deposits rather than worrying about the usually seasonal STR incomes. 

Given your questioning, it sounds like you might have put a deposit way too quickly on that property.

They manage specific funds on your behalf, and based on the time horizon, 3-5 years, they will deposit a payment back into your account on the 1st of each month, thus creating a monthly income payment. 

Often there is a process to withhold rent and deposit it with the court until the issue is resolved.

Some allow cash, most require the 10% deposit to be paid with a certified check made out to the referee but there is no verification of funds.

@Danny RandolphYeah, I’m currently in the construction field and we usually get a 20-40% deposit, then get draws after certain stages/inspections have been passed

Once approved, how fast does your policy dictate that they have to give you a deposit? 

@Alex ThomsenThe standard NC contract (2-T) has two different deposit options.

However, I have apparently missed the deadline to submit a deposit and I'm kicking myself pretty hard right now haha.Anyways, I'm curious if anyone out there is already registered for the Wayne County Auctions.