I collect rent by having tenants deposit into my check my account then sweep the money at the end of the day.

If it is a restaurant, seek a higher security deposit too since the industry can be so volatile. 

Their biggest challenge is going to be deposit money.  

Also no security deposit or last months rent was collected. 

I haven't signed anything yet, I was going over the purchase and sales agreement today and there is a section that is essentially a contingency for condo documents: I have 10 days to review the condo declaration, bylaws, rules and regulations, and insurance policy, and if i don't like anything I can cancel and get my deposit back.

Craig's list shows a lot of "Free" first months rent or "No" security deposit.

Sign Listing Agreement to sell relinquished property.Sign Agreement of Sale with Buyer.Retain 1031 CORP. as your Qualified Intermediary (QI).1031 CORP. prepares documents and provides closing/escrow officer with instructions.Closing takes place and proceeds are forwarded to 1031 CORP. and placed into exchange deposit account.The 45-Day Identification Period and 180-Exchange Period begin.Identify replacement properties to 1031 CORP.Sign Agreement of Sale for new property and use exchange proceeds for deposit.QI provides closing/escrow officer with instructions and transfers exchange funds.Replacement property is acquired and exchange completed.

My weekly entering for a hour or so was all it took, it's how you learn to set it up that keeps things simple in any bookkeeping program,, Download my banking online right into Quicken and pretty simple.I had a notebook I taped all receipts in by date, and section for deposit slips taped in by date.

I am not sure if each one of them does a title search before presenting a property to their buyers but they do guarantee that if we see any problem with title, they would refund my deposit money.

Money Market Checking Account that I use for all reserves - My current reserves include:CapEx ReserveProperty Tax ReserveLegal Reserve (I have tax liens I may be eligible to foreclose on - at about $2,500 per each foreclosure action, my next year's anticipated expense is $15,000 in legal fees)Repair ReserveTenant Deposits (I don't currently invest in States where the funds need to be separated)Vacancy/No Pay ReserveI can write checks directly from the Money Market Checking Account.