This is a strategy to hide what you have done, not a legal method of circumventing the clause.

Secure an option to buy the property later, but lock in the purchase price now.Happy InvestingDerek Dombeck

The primary advantage for most is the psychological security that comes with believing it will better protect your assets.

Going forward, all payments, maintenance requests, and correspondence should be sent to the address listed at the top of this letter.And then below that it lists other payment methods, how to submit maintenance requests, etc.

Talk to people at your local meetups and REIAs to find out what they are willing to pay if you secure a contractGood Luck and Happy InvestingDerek Dombeck

How do you go about collecting tenant rents/security deposits?

One of the most common investments I see in SDIRAS is people lending money, secured by real estate. 

These are debt investors whose investments are secured by deeds of trust on properties.  

I'm curious how I can deduct this from the tenants security deposit?  

I've learned from some very successful investors and after trying different methods I've had great success getting huge discounts telling motivated sellers that I have the money already at title and can close as fast as title can move.