Have you reviewed with a lender what your past 24 months bank deposits are?

If that is the case, you will want to let them know how to contact you in case of emergency as well as how to deposit rent.  

I learned today from my realtor that the seller is asking for 40% of the listing price for the earnest money deposit.

I lose my deposit and that’s it?

My contract didn’t include any language around the current tenants, security deposits, etc.

You would fund the SCBN through the closing by deposited $50,000 into the closing. 

So, for example its been for a while that deposit banks really only care about doing "easy" loans so their good rates are only available to customers with very good to excellent credit and have solid w2 jobs. 

How do we make sure that initial deposit is paper trailed?

One deposit. 

For the applicant that I accept as my first tenant, send them an acceptance letter and collect security deposit + first months rentI am sure there is something (maybe a lot) that I am missing.