I know I need to hold the security deposit in an escrow account.  

Quote from @Stetson Oates: The vast majority of disputes are over security deposits and the most a landlord could lose is 3x the deposit amount.Slip-and-fall or other major lawsuits almost never happen.

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 must use a PMS and for the software to work you'll need to own the listings, which means you'll need to also collect all the funds, so owners' rents don't get deposited in the wrong account (Yes, Airbnb makes that mistake all the time!!).

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

In our experience/opinion (factoring in security deposit to defer some of the losses):Class A - 0%Class B - 5%Class C - 10%Class D - good luckHope this all helps!

And in a few months, you will be in a good position to crank up your cash flow.We start advertising 4 months before the next school cycle with hopes of having signed leases and deposits at least 2-3 months before they move in. 

I have a clause in the lease that says the security deposit will be held in so and so bank with so and so address and interest rate will be xyz.

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.

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