But if the security deposits have been returned to the tenants, or if the new landlord has properly accounted to the tenants for proper deductions taken from the security deposits, the new landlord may legally collect new security deposits.258If the selling landlord has returned a greater amount to a tenant than the amount of the tenant's security deposit, the new landlord may recover this excess amount from the tenant.259Rules Rules Governing Security Deposits).

Excessive politeness and eagerness are typically signs of a bad tenant on the make.

Some of the issues are: rent rates are way below market, poor tenant screening, frequent evictions, excessive damage and repair costs.

Obviously being a first time investor with not a ton of excess cash at my disposal makes keeping as much money in my pocket a good thing.

It sounds like these recommendations are excessive.

So if you take in $500 a month in excess of the expenses of the lease, and the reserve account you should be maintaining, then you each get your percentage of that $500 in profits a month, but at the end, when you sell, he still gets his full $10,000 back and then you split the balance based on your percentages.

Cleaning is 175-250 depending on if there is excessive grease, or other issues.

I just wanted to get an idea of what seems excessive based on our market and what we are charging in rent. 

Trust Name: 11XX809 XXXXXXXXXXX Trust_________________________________________________________________5365 East 131 St $26750 - Cashor$30600 Owner Carry 4% Interest; 10 years, $5000 DownTrust Name: 53XX65 XXXXXX Trust________________________________________________________________5502 East 135th$26750 CashOr$30600 Owner Carry 4%, 10 years $5000 DownNOTE ON CONTRACT: (i forgot where on contract Dennis noted this) ----- Buyer not asking for repairs however is noting offer reflects need for new extreme concrete workTrust Name: 55XX02 XXXXXXXX Trust__________________________________________________________________123486 Darlington Ave$24635 CashNOTE ON CONTRACT: (i forgot where on contract Dennis noted this) ----- Buyer not asking for repairs however is noting offer reflects need for new extreme concrete work, as well as, garage floor replacement.Trust Name: 1234 XXXXXXXXX________________________________________________________________ All contracts.....for all offers now & later: All $100 EMD upon acceptance30 Day CloseNo survivorshipSigned by XXXXXXXXXXXXXXXX-XXX-XXXXAddress: XXXXXXXXXXXXXXXXXXXXXXXXXMUST HAVE Wording on all contracts: All proceeds in excess of buyers closing costs will be returned to XXX XXX XXX, LLC (above address).Please let us know if we missed anything or if you have any questions,Thank you XXXXXXXXXXXX Man oh Man did we smoke these deals...Lord I love this stuff.

*Do not pay any upfront fees*Do not pay excessive "Junk Fees" - There shouldn't be anything more than a doc fee, if any, some lenders charge nearly $3,000 in these junk fees*Make sure you are not paying interest on the rehab money while it is IN fund control (If applicable)*Make sure there is no Pre-payment penalty.