Agent just alerted me to the new Maryland HB693 bill that went into effect Oct. 1 2024 limiting security deposits to 1 months rent.

Of those that require repairs, everything is covered by their deposit.

As the current tenants been there for some times, deposits as well as the rents seems to be lower than what the market suggests.

Cost of Tenant rollover (after the security deposit is applied)Avg.

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You can do things like request updated tenant information, new signed leases that kick in at close of escrow, rekey or get key copies, estoppel agreements (outlining the deposits held by the selling owner),  etc.  

You can deduct that from their security deposit, send to collections or sue them. 

In Florida they tenant loses their deposit and has to pay double rents.

Currently, my setup is a separate bank account with it's own debit card to hold deposits, track expenses, and track income.

. - Making sure their responsibilities and your responsibilities are clearly defined, giving heads up about workers coming in to do upgrades/maintenance, being proactive about renewals, deposits, strict about the lease agreement (but lenient when it makes sense), etc. has been instrumental. 2.