Here is a good overview of Sarasota & Manatee, keep in mind North Port has no rental restrictions at all and the city of Sarasota is 1-week minimum, if you are Zoned RMF on the barrier islands STR use is allowed, lastly I would check out GulfPort by St.

Your current accountant should have the exact number that is your adjusted cost basis of the old property at their fingertips. 

@Angela SammonsI am not sure if you need any property management tools for one rental unit, but I would definitely open a separate bank account to keep the funds separate from your own.

At the end of the day if someone passes background check and has proof of income it doesn't really matter, but just curious thoughts here. 

I told them I would comply with all of this but they would lose their deposit and the tenant who is staying would need to replenish the initial deposit account.

Do not give them any money until you check the property and get the keys...also check that any bills tied to the house that they may have been paying are up to date.

I am a bit worried since I am in contract for another property now and the deposit is important to get the deal closed. go to the agents office and get your check.

They should be upfront how they take over your account.

Account Closed as you said.. you dont know who Morris Invest is nor the details of the fraud.

Please check my numbers and let me know how we did and maybe what specifically is good, bad, and potentially concerning.