Concerning your situation, I would ask for a double security deposit to cover the credit scores and allow them a few months to pay it. 

This way, you know the contract itself is legit and you just need to worry about filling in the proper terms (i.e. your earnest money deposit, specifying your escrow/closing agent, giving yourself a favorable inspection period, etc.). 

., a portion of its income will be added to your ability to service the loan, but you will still likely be required to come up with 25% deposit if for an investment - and they will only be lending that remaining 75% on the PURCHASE price, not what it should be worth!

Check out any assoc. deposits or moving fees that tenants must pay.Make sure your building and condo offer an advantage over similar properties in the marketplace.I hope it works well for you!

Then you replenish it with the next month's rent, subtract the PM fee, and send the balance to the owner.The other way to handle it is to have the owner deposit money in your account when the work is authorized.

(PS I'm fronting her deposit, so at least that issue is sorted)Help?

I was wondering if by law I am allowed to take what they owe me from their security deposit.

I'd rather have the $1,200 unit with a $1,200 deposit to pay for damages rather than a $625 deposit.

You need a rent roll and bank statements with deposits that support the rent roll.Otherwise how are you to know you don't have 7 tennant's that don't pay?

Tip: Only accept a money order or cashier's check from the applicant for first month's rent and security deposit.