By law they would actually be required to turn the remaining security deposit over to the county, so that it can be held as unclaimed fund and potentially claimed by the former tenant.That's only if there's money owed to the tenant.

I recommend adding him via a quit claim deed after the fact just because some banks may have a problem with it.

I have no problem with failing or making mistakes......bring it on, I say.I stay away from gurus and unrealistic success stories.To be honest I am pretty happy with the number of calls I am getting, and it's great practice for me to dial in my phone skills.

Another issue is that these old time contracts use a quit claim deed in the event of default which is held in escrow, it's worthless as it is seen as circumventing foreclosure laws.

The property sits on several acres.I have read of scenarios where you can claim a percentage of the property as your primary residence to reap the benefit of the 121 exclusion ($500K Exemption), and the other percentage as investment property to earmark for 1031 exchange.

You teach people how to treat you, and in this case, you are teaching your tenant that she can claim "accident" and you will fall for her sob story and assume because she is Section 8, she can't pay for the repair (a not always true assumption, I might add).I assume you have a lease, and that it states repairs caused by tenants are their responsibility.

Also, if you turn around and rent the house to someone else fairly quickly, it will also be hard for you to claim any financial setback was occurred to you.In addition, you have no idea what the tenant needed that money back for - could have been to make up the difference for a down payment on house - could be something else.

LOLYou're right, it's not specified by the OP, but my statements are specific as to making a seller sell in my first post concerning the matter and the subject to my comments.So far, no one has provided a link to a case, just making claims.

Mind you I am no accountant nor attorney but let's just say I have some government insight.However if you are the employee / member / corporate officer (with no other employees in the company outside of the member(s) corp. ofcr(s)) you may not have to file quarterly tax returns and just claim that income when you file your personal / business returns by 4/15.

Owners policy protects owner from title claims up to purchase price.