He has an interesting strategy for finding long term tenants, which is to charge an unusually large security deposit, but have the monthly rent lower than the average for the area.

If the existing lease does this, then take the time you need to get your own lease docs prepared, then if you like this tenant and the terms, sign a new lease under you or your company.BP has form lease packages for free if you are or become a Pro member, or you can search for a standard lease, lease addendum, pet agreement, etc., on the Internet. 

Hi everyone, We accepted an application with higher security deposit because of their credit score.

I am not comfortable offering a price based off of what potential rent is, knowing what rent is current.The big problem I have is that the three lowest rents are social security assisted living that have been there for 5+ years.

From there, I would filter down to the most motivated people who would take a very low price, perform a title search to check for liens and title issues, get a contractor to give a more accurate estimate for repairs and use that to refine my calculations, get the contract and necessary forms signed to secure the property and then finally market it to my buyers. 

I am currently looking to secure my first home for a fix and flip.

As part of the application, she provided documentation of the monthly social security awards for each of the three prospective tenants.  

Determine the billable items for the final accounting on the return (or retention of their security deposit.)

Don't waste so much time upfront until you have secured the option to purchase the property.

I have a good idea of how I want to get there, I’m just curious of other people’s paths to get there.My original goal with real estate was to provide additional income for retirement; have a couple paid off houses and help supplement retirement income from my 401k, social security (if it still exists), etc.