He asked for a partial refund of October earlier and the rest of October over this weekend to cover the latest emergency.I've done a little Googling and it seems that since it's prepaid and I can't book the revenue until the month rent is due it needs to be sitting in the separate account I use for security deposits, which is fine.  

Also, here are some facts on the property for those that are interested.Duplex - rented to a couple main level and single person upstairsCouple has security deposit down but none for person upstairsI want bills/utilities in tenants name (aren't in their name currently) but not sure what the protocol is after your acquire property for going about that...Landlord is sick of rental game and wants out.

I recently went through an expensive eviction with 'tenants' that never paid a security deposit on a month to month rental from October 2021 to July 2022.

Is the security deposit enough to cover the November's rent? 

If you're a landlord in NY, you know you are only allowed to collect 1 months rent as security deposit.

Also, that I should form an LLC to be the “manager” of the property, and let Secure PayOne deposit all rents into the new LLC’s account.

He paid the security deposit, pet deposit, and the first months rent right there on the spot, so everything seemed like it was working out.We started the lease in November 2012, which was stressful enough, however, the lease took us through December 2013 so we figured this was no big deal.

Bad judgements on any of the 3 applicants means they need to pay additional security deposit for this risk on one of the applicants. 

I would go a step further and actually call the current offerings and get details - security deposits, who pays utilities, application fees, what's their process for viewing and applying, etc. 

So investing becomes more about money to keep up with inflation or close to it and have in a safe place tax advantaged where the investor does nothing but get a check deposited each month into their account.