After touring the house, I consider he probably cannot move all his stuff out by tonight and so I gave him two days of extension (until 11/2) but will start deducting his security deposit at a prorated basis starting 11/3 if he still can't move out by 11/2.

Tenants like all electric in the south because they only have to meet one company not two to get the utilities turned on and only have to pay one utility deposit.

Please call me if you have any questions or comments.My lease provides that the Landlord may deduct the "cost of re-letting the property" from the Security Deposit.

In that case, if they win the lawsuit, they have claims against his ownership in any LLC you have, whether you have 1 LLC or 100 of them.I was aware of the progress of the lawsuit as my employees were called down to give depositions about their former owner, who was sued for gross negligence.

I personally witnessed a Joint Venture that fell apart because the General Partner (GP) was depositing the Partners money into his own Personal Bank Account.

Look at your risk vs. reward and what safety nets you can put in place to protect yourself (I.e. tenants with garnish-able wages, increased security deposits, etc.).

I don't like the idea of leaving security deposits with them because they don't keep it in a separate account.

Is there any action I can take to make him pay the last month rent or am I stuck with using the security deposit? 

@Jack Knight Aloha , I usually offer to pay the security deposit on their new place and go from there

I know in most instances the landlord would keep the security deposit, but I have people telling me that they are contractually obligated to pay for the whole year.