I marketed the unit and screened/accepted new tenants, accepted holding deposit in secured funds.

I would obviously like to get my tenants secured and locked up in writing as soon as possible but issue is I don't have formal land use permits as of yet nor have I started the process - all I know is that QSR/coffee shop/drive thrus are allowed according to the zoning code.

@Chris Roche I don't think so- just first last security and key deposit 

Unless you want to have an in depth foundation of modern value investing, Security Analysis is overkill because it doesn't have much in it about REI that you won't get from The Intelligent Investor. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Then, when you send the accounting of their security deposit, deduct that fee.I assume your lease and this fee is in compliance with TX law and TX law allows this fee to be deducted from the deposit.

If you have 16k cash and can afford the holding costs, live nearby and can keep the property and rehab materials secure it might work out.

@Logan Jorns Would highly suggest getting in touch with a securities attorney (as also pointed out by @Chris Seveney).

For example, you buy the place and the tenant could claim the Seller allowed them to paint the walls black or that their security deposit was twice what the Seller claimed.

On 4/4/18 title came back clear however, the title company is requesting an affidavit from the publication company that published the buyer's LLC in the newspaper.