Isn't that the purpose of earnest money and a deadline for applying for then securing financing? 

In such case, this offering will be considered a security.

:"No later than 21 calendar days after the tenant has vacated the premises, but not earlier than the time that either the landlord or the tenant provides a notice to terminate the tenancy under Section 1946 or 1946.1, Section 1161 of the Code of Civil Procedure, or not earlier than 60 calendar days prior to the expiration of a fixed-term lease, the landlord shall furnish the tenant, ...a copy of an itemized statement... and shall return any remaining portion of the security to the tenant."

The previous lessor didn't take a security deposit and he's been the most difficult of the bunch. 

IRS Audit TacticsThe IRS uses the initial interview to secure a statement from you as to hours worked and activities performed on your airbnb.

Would love to get some feedback on this strategy I just did: Instead of waiting 30-45 days to secure a regular conventional loan to purchase my rental property, I decided to get an unsecured loan from the bank instead.

Private lending?

Also the yard was being used as parking space...some tenants are ok with that, many are not (then it would be on street parking only if we changed it...some want the private parking space...depends on tenant).

@Jorge Leon Jr, I understand the ease and sense of security that comes with not having a mortgage, but from a purely financial POV, it isn't ideal.

I inherited the lease and the previous lessor didn't have a penalty clause, although forfeiting the security deposit was mentioned.