They didn’t completely destroy the house, I did keep most of their security deposit and used it for the repairs, along with some of our own cash.

And all the folks that could never get a deal to close and lost their deposit to them and EM etc etc..

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Otherwise, the deal (and all my earnest money/inspection costs) falls through.Money Spent So FarEarnest Money Deposit: $1,500Appraisal: $750Inspections: $1,050Survey: $580I’ve invested a fair amount already, and I really don’t want to lose this opportunity.Financial SnapshotMonthly Income: $4,500 (increasing to $6,000 by March).Monthly Expenses: About $2,000 total, including $1,000 rent (which I won’t have once I move in).Future Income: By June, I expect even more significant income from my business ventures.Debt-to-Income: Not too high right now, but my credit score is poor, so that limits quick loans or credit card solutions.Condition of the PropertyFull Rehab Needed: The house currently isn’t livable without major repairs.Seller Won’t Negotiate: I’ve already asked for an extension and concessions, but the seller is unwilling to help or budge on anything.Attempts So FarFriends & Family: No one can cover $25K.Down Payment Assistance Programs: I’ve tried multiple; none seem to fit.Co-Signer: Already have a co-signer on the mortgage.Personal Loans / Credit Cards: With my credit score, interest rates are brutal, and I’m worried about jeopardizing my FHA approval.Extensions: We’ve already pushed the closing date back by a month.What I’m Looking ForCreative Financing: Any reputable local lenders, credit unions, or community programs in Detroit that specialize in these types of last-minute shortfalls for buyers with less-than-ideal credit?

This includes preparing the property for renters, pricing it right, marketing, application screening, collecting rent, dealing with unpaid rent and other lease violations, security deposit disposition, inspections, and so much more.

.: You don't need insurance or a deposit.

It's simply factual:  you violated the lease by smoking, stop it, remove the resulting odor and that a repeat action could result in eviction and loss of security deposit.  

It's written into the lease that tenants must deposit their rents into that particular account (either by online bank transfer or by walking in a check/cash); I do not collect rents directly, nor would I if anyone asked.

Our offers include clauses allowing us to do our due diligence before closing and protect Earnest Money Deposit (EMD).

It is common for rental property investors to feel the pain when a property turns over but keep in mind that is why we retain security deposits for you.