Additionally, be sure to have an accurate ledger and your signed lease agreement.

.: @Adrienne PatelI'm just about to sign up for Repstracker.

Mind you, we fully disclosed we had a preselected tenant and expected them to take over the process before we signed on.

That will largely help to determine the right fit in the landlord market for someone with a portfolio. 

You also want every adult to be named on the lease and sign it.

Helped my clients partner up and close on the property, then signed a net lease with a SL operator.

Lease Terms: Determine a monthly rent payment that covers the HELOC repayment (interest and principal) while providing some positive cash flow for you.                    

Yes Ive done a free months rent is lease signed by X date before

Ordinarily those tenant vacated damages would be too remote, but it sounds like they were contemplated by both parties at the time of contract.Were I in this situation I would be looking to state law to determine if the EMD is truly the extent of my potential liability as a buyer. 

Be sure you consult your agreements with them as well to determine if there is some other action you are responsible for.You may also want to contact your insurance to find out if and when they may step in and do something.