I have a CPA whose clients have the tenants send him the check, he books it and deposits it, and no need to get licensed as he explained, as I'm just a messenger.

So, the things that stand behind it such as a deposit, proof of funds, etc make the seller know that the promise isn't idle and has a strong likelihood of closing. 

Says they have the right to cancel during the due diligence period and get a return of their EM deposit.

We deposited $1,010 EMD with escrow.

We deposited $1,010 EMD with escrow.

(proof of lease agreement and deposit check all you need) The lender will take 2-6 weeks to close anyway.

The syndications I invest in fill up their 99 investor slot maximums very quickly because folks are waiting in line for their next deals. 5-7 years is the ideal period for which an effective value-add or opportunistic strategy will play out. 

4) My property manager is giving an option for me to get the rent deposited into my account directly from the tenant, is that okay ?

$1000 deposit and then waited for 9 months of appreciation while I waited for the builder.

I have not deposited the earnest money yet.