I want them to have a full understanding of my terms - how & when they are going to pay me, what they are/are not responsible for, special stipulations, etc - before they pay, because I don't want any crying later (there's no crying in landlording!

@Mark Burik Specific performance means that if a party is trying to get out of the contract, that you sue them in order to get them to perform as the contract stipulates.

@Daniel Chang so the MJ law in CA stipulates where it can be used. 

You will have a clear idea, without asset management software, how the property is doing and can adjust your property repair, vacancy and capex percentages quite easily if they are too low or too high.If you do set up multiple bank accounts, I would highly advise that you work with an attorney on the LLC that will hold the property to have either 1 manager only, or if you do 2 managers, ensure there is a stipulation with the ability to sign without the other. 

Should I just stipulate in the new lease that her previous security deposit will roll over and should she terminate the new lease after signing I'd be entitled to those deposits? 

Hello everyone I have a tenant that is on a NON-FINAL STAY BY STIPULATION and doesn’t seem like they are moving or even look for apartment.

@Payne Wald only stipulation is you have to intend to use it yourself for at least 14 days throughout the year.

Your lease should stipulate some guidelines for what happens when your place gets shown.

(I also had it stated in the lease agreement that they are responsible for the water bill, and that all payments were to be sent to me at my office) I also stipulated in the Lease Agreement that any money received in my office would be applied first to any outstanding bills, e.g., covering the water bill if it was still outstanding, and then rent would be late if they just happened to send in rent and not the water bill with the rent.  

Lacey,It may depend on your lender/ local lending laws, but I just put my first property under contract for $52,500 stipulating in the contract that the seller pay all closing costs and fund the down payment (roughly $10,000 total).