@Julio Fernandez You've received a great response from @Joe Villeneuve.

So below is the quick and dirty overview of my situation:- claim #1: submitted earlier this year for substantial water damage in LA rental property and just received payout. 

I received a connection request via LinkedIn from a representative at a company called Deposit Capital.

Your initial balance sheet should look something like thisAssetNote receivable - $10,000EquityDavid Hite - $10,000When you get the payments from the debtor - you will record a portion of the payment as payback of principal and a portion as interestCash - $100     Interest income - $10     Note Receivable - $90There can be an additional layer of complexity if you factor in the account "discount on note receivable" but the above is a good starting point.

This allows a tenant not to be stuck in a long term lease if life happens, but also allows me a safety cushion for cleaning, posting, and filling the vacancy.If it were me i would open the communication with them a bit and let them know they are liable for the full lease term, but due to their excellent rental history and care of the unit you'd like to work with them on their needs.

April 1st I didn't receive a rent check because it was deducted from the purchase price of the home now which I do understand that, however it is now May 18th and I have yet to receive any rent payment and the report for the month.

You present them your receipt from the motel which shows you were a resident and you obtain your driver's license, and a state identification card.You then apply for an address in Sioux Falls and receive a post box, a telephone number and your physical address.

I have a love and passion for interior design and received my bachelors degree in the field in 2015.

@Andrew Pettit@Dave Foster makes an excellent point. 

@Remone Randolph it is likely that you are receiving a government loan (Fannie Mae/Freddie Mac/FHA/etc) and the federal government will require your federal taxes to be paid.