Ask for current contact information, do a walkthru of apt within 2 weeks of possession, and do a condition check sheet so your security deposit is as of possession when you take over..

2) Does the Levy mean the country club is entitled to take possession of the home and force a sheriff's sale? 

If there is no possession of the property by the wholesaler, things get more complicated. 

If Tenant remains in possession of the Premises with theconsent of Landlord after the natural expiration of this Agreement, a new tenancy from month-to-month shall be created between Landlord and Tenant which shall be subject to all of the terms and conditions hereof except that rent shall then be due and owing at ______________________________________________________________ DOLLARS ($__________________) per month and except that such tenancy shall be terminable upon thirty (30) days written notice served by either party."

He was renting a house and a notice (I think from the bank) was put on his door that the house had been foreclosed on and the bank was taking possession as of X date. 

They took him to court and have now taken possession of the unit back, per court order.

Now that I have possession again, am I able to deduct anything from the security deposit for his misdeed?

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Now granted, I've heard two circumstances here:Circumstance A: Create an LLC to use on the contracts so as to limit any personal liability.Circumstance B: No need to create an LLC as wholesalers typically do not hold any property or possessions long enough for a suit to incur.

Make sure the delayed possession is clear.