The funds belong to the Tenant until the lease is terminated and then the funds can be applied towards unpaid rent, utilities, cleaning and repairs, or whatever else your law/lease allows.The same goes for prepaid rent.

.* As for closing cost, we are local builder and have a list of local loan officers,  if you work with them on the deal my builder will pay all our closing cost and pre-paids. 

but you need to read your local laws and never think the prepaid rent is your before its earned... 

Hi Tavis,Live with a roommate in a room vs an apartment = cheaper (or sleep for free at a relatives home).Drive an older car or walk = cheaper.Cook your own meals = cheaper.Have a limited reasonably priced wardrobe = cheaper.Don't drink and don't smoke = cheaper.Have your pay auto-deposited, and then manually move the amounts you need to spend ie. rent and food into another account that has a debit card.

I’ve also learned not every HELOC comes with a debit card, mine does.

Zillow is apparently free for landlords and charges renters a small fee if they pay by debit/credit card.

Zillow is apparently free for landlords and charges renters a small fee if they pay by debit/credit card.

So we gave a 60 day notice to all tenants for the new monthly fee.Our plan is to have Onsite Manager read electric meters,  send meter data to Off Site manager, we prepare statements on who owes what,  send statements to OM to distribute to tenants, and then we hit the tenants bank accounts, or Credit/Debit Cards remotely.  

Everyone pays online with Checking Account, debit or credit card. 

Anytime you buy property with a party in possession (PIP) you run a risk of a defense to the eviction being raised.I worked on on title claim where the PIP produced a lease which claimed he prepaid five years of rent to the former owner.