It's a riskier loan given you do not carry a social security, no US credit & no experience.Due to increased risk comes mitigation (Lower LTV & Higher Rates)

I guess that's part of my question, if you could have the security deposit cover that and people's experiences so I could better prepare myself. 

We have been fortunate to rarely hold any security funds from former tenants.

This also creates quite a level of security for our clients, especially seeing Several builders in the BTR space go sideways over the last few months and we are currently trying to help several investors stuck in building projects that are only half built.  

He wanted me to paypal him 750 so that he would send the 20k needed to bridge the gap in the loan.The easiest way to spot a red flag is to start with going through a title company. hopefully you did nto give this person your social security number or other private information.

Many laundromats take card payments these days, which is very helpful in verifying revenue.Look at the lease terms – long-term leases with reasonable rent increases are important for keeping costs predictable, and can also be important for securing financing.Also, check out the equipment and figure out what repairs or upgrades might be needed in the near future.

I’ve been securing great deals for clients in the Hampton Rd area. 

In 2018, we had a property turn and the net cost to you out of pocket was around $500 (costs to repair minus the security deposit that was returned to you.)

I think it would be financial suicide to give up a 500k a year job that you know how to do and is secure to launch into thinking your going to replace it with rental income.. unless your sitting on 5 mil plus in  cash with no debt.

-Decreased security deposit to 1x for MTR.