I have been looking up a lot of properties in Northern Salt Lake County and Southern Davis County for a good move in and rent out other property and also a trailer to pay cash for to save money for down payment on a second place and etc.

I know who work 4-6 hours a day and make a ton of money and I know people who work 12 hours a day and get no deals.

This doesn't mean you get to keep his deposit however you can deduct money from the deposit for time the property was held. 

Knowing you will close or they will get “free money”. 

@Mahmudul ShoikotIt’s your choice what you do, but why wouldn’t you help out your tenant to give you money?  

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

It's not worth spending so much money on a short basement even if you can, as it will affect the end result. 

Keep saving as much as you can.

To save my figers from typing, I wrote a blog on BP.

Not to say young syndicators can't be great in the business, but I will let someone else prove the thesis with their money first.And to be clear, I don't think experience only comes from being the GP in deals.