So anyhow, we opened escrow, put my $3K deposit last week.

Or you could put a small deposit on a new home that will be built in 1 year.

Getting around this cap will require you to refinance the homes in a portfolio loan or another option would be to offload 1 partner off of the loans through refinancing, thus freeing up some slots for that partner.

The 21k credit was my agents idea, super smart guy (owner has already agreed to either one of the options above, I just need to put my deposit down). 

@Jared Hottle are you able to receive payments from apartments.com as soon as the tenant makes the Deposit, i have to wait about 7 days until it is in my account 

Hey Nick,  Most lenders have programs that allow you to provide an active lease and two months of canceled rent checks (or proof of auto deposit in your bank account), even if your property is new and has yet to be filed in your taxes.

If the deposit is non-refundable and there is no damage, why do you think one person (the home owner or the PM) should keep all of it? 

It's not uncommon for them to ask for bank statements showing deposits matching the rent. 

If this is the case, then do an inspection to verify it is vacant and in good condition prior to any money changing hands.Make sure the security deposits and prorated rents are transferred to you.

Think of 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.