., so far I'm only collecting one month's rent as a security deposit but when I did the research, I remember I could collect more.  

Just remember: most negative reviews are written by problematic tenants.

Timing isn't ideal - at least in Minnesota - but I figure real estate is just like any other industry: regardless of market conditions there is always money to be made if you're creative, have a plan and the right strategy.My business partner and I have the creativity part down but the plan and strategy are items that we're working on.

The deadline is very strict, and the custodian must receive the money by the deadline.If it's anything other than A or B - there could be some important complications.Once you acquire the property, ideally you should limit your personal use to no more than the greater of: 14 days, or10% of the total days you rent it to others at a fair rental price.If you exceed this number, your tax deductions will be limited.And when I say "personal use" it does not mean just you.

Hi,I am considering obtaining a HELOC to purchase a second property (ideally for investment purposes).

Regarding a HELOC, remember that your appraisal for loan purposes  will be based in market value, not necessarily  the tax value. 

With that said, you could certainly encourage them to setup recurring automatic payments - that way they never have to remember to pay rent, and you'll always see their upcoming payment in the queue.

Ideally, I'd love to find someone with the heart of a teacher and a passion for building wealth through real estate.

I cannot remember if I heard this idea on a podcast or read it in the forums or blog. 

Ideally we want one that we can use on occasion and rent out the rest of the time.