Will need to figure out what would be the best way to handle that.  

Is right this is a touchy subject for all hands so let your Attorney handle this.

@Shari Peterson probably knows a title company in your state that can handle this sort of thing.

And any PMs out there, if you forgot to collect the agreed upon deposit from tenants what would you suggest as a fair way of handling the situation?

We did the paperwork, inspections, closing - all remotely, and the property management company handled the placing of tenants.To give you an idea of what the numbers looked like in my experience, here's what I got.

I'll let Shari handle the question @Shari PetersonFrom my point of view, I saw over 100 people try to use transactional funding in the past six years only to find out their end cash buyer did not work out.  

What I have learned is that its not about the debt its how you handle and understand it.  

Talk to a good real estate attorney in your area, preferably a real estate attorney who has also handled at least some litigation.  

Each state and jurisdiction has it's own guidelines on how to handle hoarding, but it is a tricky situation with a lot of hoops to jump through.

I didn't start using the MLS until I had too many houses to handle.