That is not legal if you happen to rent the unit before the 2 months is over, AND you have to show reasonable effort to try to rent the unit.The key to rental property is continuously occupied units with good tenants, not the insignificant details of how long the lease is or whether you have a security deposit.

@Mark Skaff Here are the basic tools and resources you need to get you started:Listing Platforms:Realnex.com - I useCostar.com - I useCatalyst.com - I useBrevitas,com - I useCrexi.com - I useLoopnet.com - I do not useCRM, customer relationship management options, you only need one:Realnex - I useClientlookApto - SalesforceDigsyMarketing package creator, you only need one:Buildout - I useRealnex - I useMicrosoft PublisherAdobe InDesignMarket and financial analysis - advanced tool:STBD - Site-To-Do-Business (Demographic and Psychographic) - I useCostar.com - Rent and sold comp and market analysis data - I useThe Analyst Pro - Online Financial Analysis toolHP10bii calculatorFuel.com - financial analysis toolRPR Commercial - I useNot all these are mandatory and there are many more that compete with the above, these are ones I've used in the past or currently using now.The key is that you have a listing platform outside the MLS, a CRM to track you contacts, clients, properties and deals, a way to create a stunning marketing package, and market and financial analysis tools.

The key is buying the property right with a decent equity position so down the road when you refi you could cash out if you wanted to. 

@Andrew Neal The key is try and figure out wholesaling while you still have a job to support yourself.

For DFW it comes as some txt files you download from a server as well as a reading key for how to make sense of all the numbers and letters. 

You may need to change locks in the event that it was actually a friend of the tenant that broke in using a key.

You might consider paying cash for keys with the requirement that they leave the property undamaged and in broom clean condition.

You ultimately have the rights to the house, with proper notice you can let yourself in to have work done, you have the keys.

@Jessica Murray Obviously you know moving forward that you shouldn't give keys to a tenant until you have all of the move in money due and confirm they have transferred the utilities into their name, but I will not pile on about that.Am i understanding this right that she owes you no rent for 12 months because she did renovation work for you?

@Karthik Ramachandran I just wrote an article here on BP for passive investors on how to evaluate markets and key questions to ask, along with some of the resources we use.