What can be done to safeguard against it?

I used Brian Eastman at Safeguard Advisors. 

And, you can always offset the security deposit for non-payment of the water bill since it is enforceable against the property at termination of the lease.Build in some safeguards to minimize the lien risk and let the tenant pay for their personal consumption.

You can give the little guy a chance but with plenty of safeguards and generous exit plan.

You can give the little guy a chance but with plenty of safeguards and generous exit plan.

This deposit is really a safeguard for the seller if you decide to not go through with the purchase of the property after inspection period for reasons that were within your control (ex.

Are there any other considerations or safeguards I can put in place so that I don't have any surprises after closing?

Is this a good idea and if so, are there safeguards that I should put in place? 

I received a general e-mail this morning from FCI alerting note holders of a Final Rule from the CFPB that affects private investor owned notes with borrowers that have been affected by COVID.The CFPB Final Rule amends RESPA and requires note servicers to comply with "procedural safeguards" prior to initiating foreclosure between August 31 and December 31, 2021.Exceptions are loans that were 120+ days late before March 1, 2020, loans where statute of limitations expires prior to January 1, 2022, or if borrower abandoned property.Bottom line: it looks like there will be more red tape navigating "procedural safeguards" if you want to foreclose on a loan that became delinquent during COVID.For more info, try googling "CFPB Final Rule Part 1024 - Real Estate settlement Procedures Act (Regulation X)."

Plenty people on this site do.You definitely need to educate yourself and make sure you take enough precautions to safeguard your investments.