Perhaps if it was called a "move in fee", or something along that line, it would be okay though.My concern would be there would be less motivation for the tenant to keep the place damage-free, or pay the last month's rent, because they'd know they weren't getting any money back anyway. 

As a real estate investor and attorney, who already had a custom operating agreement for my business, I immediately saw the value and purchased the LLC Master Machine after the event.Also, to put the price point in perspective, I usually charge ~$2,000 for an entity organization/incorporation and the accompanying governing documents.

I would be concerned if they are legit.

If there's a lot of lawsuits government regulators will be concerned.

Sorry to ask I’m newbie, business owner working long hours and leaning towards turn key too for the first rental but at the same time concern to do business out of state where I can’t check in person the property.

@Jay Hinrichs While I appreciate your extreme concern for the seller, I am in a solid financial position and could write a check if needed. 

My only concern is that accepting payments for good and/or services is against Venmo's terms of service. 

My main concern is my tenants are basically professional system abusers and I wouldn't be surprised if when the constable shows up, they magically have a check with the outstanding rent owed. 

Yikes...I'm concerned about several things:What is the market rent there? 

Short term and even with a $300 per month utility expense, we would still be cash flowing ~$300 per month, so it's not a huge concern, but as this is a dynamic expense, we would be looking to transfer utility expenses back to the tenants.