You just explain to them that the first applicant that meets your criteria and able to move in on the move in date along with security deposit etc gets to reserve the unit.

I required a $2,500 non refundable deposit and $800 month.

Ended up getting a contract on it today blind and another willing to pay more and as much as I would like more money I do first to come with a contract and deposit gets it.

Lack of communication and oversight from the landlord.You can recoup the costs of damage via a strong lease and a deposit.

In other words the best answer I can give is...... it depends.Deal structure varies from investor to investor , so what you will do on this deal may vary dramatically the way you handle the next.I wholesale & rehab a lot of properties and my typical process is the following:Once I get a contract with the seller I will send it over to my attorney to begin the process of pulling title because I have multiple exit strategies with every investment I put under contract.I always try to wholesale my properties first, if that doesn’t work then I will fund them, close and begin the rehab.When I turn around to sell the property as a wholesale deal, I take it a step further to ensure that I do not lose my deposit.Instead of just taking a refundable deposit for an assignment, I structure the deal with an extra document.

Please include the following 5 items: Clear copy of your Driver's License Current Voided check or Bank Deposit Slip: This serves as a secondary form of ID, we may cross reference check with the bank to verify your identity.

Keep their deposits and maybe take them to court and get a judgment which isn't worth the paper its written on.

And give them their security deposit back minus any damages, outstanding water bills, etc.If they don't go for that I'd offer them cash for keys.If all else fails I'd hire a good attorney and have them evicted.

Do I request fees (security deposit and first months rent) in the mail when he sends the lease back?

However, negotiation of a revised purchase offer is not precluded, should the parties so desire.What should I do so that the Purchase contract after assignment does not have inspection contingency, if I cannot remove the inspection contingency do I have to return the non-refundable deposit money obtained for Assignment of contract.