Sign up and become a regular.

There may be some ongoing cash flow but I'd model in a whole bunch of conservative estimates: i.e. higher vacancy, rehabbing, much higher than normal capex/maint, etc. and then ask yourself if it's the type of investment that you'd want to sign up for (C- or D class I'm guessing... in terms of ongoing headaches).  

It's the old-fayshioned sign up from that's king.

This court has been very uneven on commerce/state/federal conflicts and there are two new justices.So...the risks do exist and "everyone was doing it" is ultimately not a very strong defense against a determined prosecutor.

Unfortunately (or fortunately) the days of banks mailing out credit cards to everybody with a pulse and all you needed to do was sign on the line are over.

Offers can be written and signed electronically, you can tour the property with a video call on a smartphone, etc. 

This tenant remembered paying double deposit, but looking at the rent roll and signed lease they only paid one month rent for security deposit.

Or it could be a sign that you are going to do very well on this deal, assuming that none of your other projections prove-out in the wrong direction.  

Below is the portion of the HAP contract you would have to sign as the Owner/Payee.

Any credit loan you get, you pay the moment you sign up for it.