I'm am currently only worth my savings account which is roughly $5,000. 

Most people you even consider blocking are "Account Closed" within a matter of days.

@Michael FaudoaIf you invest sweat equity in a partnership, the accounting for it can get pretty complex. 

I am also trying to account for the eventuality that he could trash the place or a major capex item comes up while he is living rent free.Do you see other alternatives to structuring the deal where I shift liability and also reduce holding cost?

I don't even remove my listing from online until I have a signed lease, and their funds have cleared my bank account.

Do I need to contact the title company before I show up to set up the account?

Account Closed you could post the name of the property management company here on BP and maybe someone in the real estate business in San Diego will know what is going on.

Account Closed Are you looking for buyers?

As a homeowner turned renter and retiree from another state, I had assets (savings account balance) to prove my capacity to pay the rent for a year and a good credit score to prove my character of paying my bills on time.

If you have a USAA account those are pretty legit CCs.