It should have an operating account and a deposit account.  

I am looking into a multifamily complex, 8 units. During the option period what should I ask for from the seller to verify that rents are being collected? What documents should I ask for to verify that expenses are ac...

Newark is rough in plenty of areas and EO has bars over the toll booth slots on the parkway.

After their own inspector assessed these damages and the amount, MPH only offered me a 1k deposit return and abandoned the lease.

Not sure what to do about security deposit.

Section 8 tenants have to coordinate everything through the housing authority which is unbelievably difficult to go through if it's Metro Housing or Boston Housing, and then they have to wait for inspections, approvals, deposit checks, etc. 

If you still had their deposit, you could deduct from that.If the deposit was returned, you can bill the tenant and hope they are honest enough to pay.

We're a lot better at it now, but it's come at the cost of really toughening up, asking for first, last and a full deposit with no exceptions, not allowing pets anymore even though we love dogs ourselves, etc, etc.

You think a $800 deposit covers much? 

@Bob Drew My early termination as defined in my lease says they loose their deposit.