I deal in lower end homes but "as a rule of thumb"...i hate that phrase...I charge half of the rent as my deposit. 

I came across an interesting Duplex that would appear to be cash flowing well however I was told that both units are occupied but have no lease or deposits.

Rents and security deposit is often paid by the parents.

You might consider requiring this in your lease in addition to the security deposit.

I had five closings last month, two sellers threatened to walk at the closing table, one buyer bounced his deposit check, one closing was delayed for almost a week due to a crappy RE lawyer who was handling the file, and a private lender refused to sign a satisfaction of mortgage until we put the check in his hand which meant we had to drive three hours to his house with the check.

I'll reimburse your 1.5% deposit on the deal.

A Job.But I loved being able to make decisions, being the captain of my own ship.I think what made me more pissed off than anything though was making $500 a week, and making bank deposits of 10,000, 20,000, even 30,000 a week.So after making $500 a week cash for 30 months or so, and living frugally, I said the following to Glenn,  "Glenn, I've learned so much here.  

Hopefully, the security deposit would cover the repairs. 

A 'pro forma' Contract should suffice, as long as it is worded in a way that gets you your deposit back if you don't like what you find during the due diligence period.

However, I track damages that are beyond that to see how much of the security deposit to refund.