As a licensed contractor here in the Los Angeles area, the state of CA has very specific rules regarding deposits and none of the answers above are correct.

Keep showing and marketing until you have a deposit in-hand and a signed lease or hold agreement.

Now, pay me a refundable HOLDING DEPOSIT of 1/2 my Security Deposit Fee.After the physical OPEN HOUSE is complete, I will make my selection by close of business on Monday and let you know same day. 

Or because he hasn't paid us first month's rent and security deposit then the contract is not binding? 

-I can deposit money periodically on a schedule and withdraw my owner contributions tax free.

I used to take such risks when eviction was faster and I could take double security deposit.

I financed the deal through Hard Money as well as Private Lenders for initial deposits and carrying costs.

If flying is a concern, I would hold their deposit and offer another date they can book and honor those dates for the cost, or offer a small discount.

Then they try to collect deposit and rent and move a prospect into the property.

$2,500 was an Earnest Money Deposit that I sent to the TurnKey company at the very beginning.