You will need a lease and deposit at closing.

@Connor Lewis- so of course not a CPA so talk to them first etc but what I do is for each property create 2 accounts, a checking for rent payments and paying contractors, and a savings that I use to hold security deposit.

If your security deposit is equal to one months rent do you have to pay 5% interest? 

@Spencer J.lots of optionsI have used both Zelle and Zillow successfullyZillow can take several business days after payment to deposit (3-7 in my experience)Zelle same day

I use cozy.co so the payments are direct deposited into my bank amount.

For all they know, you could take their deposit and not finish the renovation or half a** the remaining items.Lastly, you get the most views and inquiries when a unit first hits the market place.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

@Frank YgarzaMy personal preference is direct deposit.

We don't have a deposit to lose, but could be sued for 10%. 

You need few thousand dollars for your deposit/rent.