There is no extension or new legislation that I'm aware of.  

Have T/B fill out lease agreement  w/ attorney    a) 12 mo lease w/ 2 12mo extensions  b) 1st & last month's rent 8.

I was keeping $5000 when I had two and it was good because I had to have extensive HVAC work done on both in the first year. 

There is only one person on BP that I know who has actually dealt extensively with this exact issue and has even adjudicated it as a Harvard educated lawyer, his name is @Jonathan Twombly I urge you to read his expert answers on this exact subject: http://www.biggerpockets.com/forums/12/topics/140550-best-way-to-protect-myself http://www.biggerpockets.com/forums/12/topics/140457-forming-your-llc I will summarize a few of his basic points against the unhelpful and inaccurate advice so far offered on this thread although I urge you to read his very intelligent responses yourself. 1.  

It had ungrounded outlets throughout, and many of the fixtures were wired with extension cords tacked to the ceiling/wall and plugged into an outlet.

Complete Real-Estate Investing Guidebook (first read, general guide)Investing in Fixer Uppers - Jay Decima (creative, knowledgable)Care and Feeding of Tenants - Andy Kane (great on tenant info)Podcasts have still been my primary medium for education.

In the past I've done some purchases of rental properties, all of which I've rehabbed to some extent, one pretty extensively.

While I have enough for the 20% down payment, I don't have the capital to pay for extensive repairs.

I feel very comfortable in managing individual units that do not require extensive work and leverage my knowledge of the distressed industry to get good discounts with 2 or 3 offers for every property closed. 

It is very detailed and covers the entire process extensively.