What you expect Seller to do before settlement, 5 Possession terms, 6.

There is literally no limit to the things you can learn here if you spend the time and possess the initiative!

@Evan Bell Yeah absolutely going to sell off the possessions.

He has a suggested business entity structure which provides very good isolation of your personal possessions and the rest of your estate from your REI holdings.The idea of holdings is for long term holds to be in LLCs.

I had not even considered that the tenant would make claims that they had personal possessions stolen, which I am almost certain would happen.

Many times when people don't have many possessions it means they don't have much money. 

Changing locks and setting property out before an eviction court proceeding has awarded possession to the landlord falls under self-help eviction and therefore it should not be done by those who wish to keep things legal. 

I had one estate where the children decided not to probate the property of their father because he has cancer, their father owed several hundred thousand dollars to Doctors and hospitals, his estate was only worth about 70K$, so they just took the personal possessions they wanted and walked away.

Therefore, you cannot take late fees from it.However, if you complete the eviction process through the court system and the court awards you possession and the monies owed (which they almost always do), at THAT time you may use the security deposit money toward anything owed to you before refunding anything left back to the tenant.

The steps you'll need to take depend on whether the tenant files for bankruptcy before or after you get a judgment against the tenant awarding you possession of the rental.Tenant Files for Bankruptcy After You've Won PossessionIf you sued the tenant for eviction and won a judgment for possession before the tenant filed for bankruptcy, you can proceed to evict the tenant, even if the tenant then files for bankruptcy in an attempt to stop the eviction.New bankruptcy law vs. prior law.