I recently went through an expensive eviction with 'tenants' that never paid a security deposit on a month to month rental from October 2021 to July 2022.

Is the security deposit enough to cover the November's rent? 

If you're a landlord in NY, you know you are only allowed to collect 1 months rent as security deposit.

Also, that I should form an LLC to be the “manager” of the property, and let Secure PayOne deposit all rents into the new LLC’s account.

He paid the security deposit, pet deposit, and the first months rent right there on the spot, so everything seemed like it was working out.We started the lease in November 2012, which was stressful enough, however, the lease took us through December 2013 so we figured this was no big deal.

Bad judgements on any of the 3 applicants means they need to pay additional security deposit for this risk on one of the applicants. 

I would go a step further and actually call the current offerings and get details - security deposits, who pays utilities, application fees, what's their process for viewing and applying, etc. 

So investing becomes more about money to keep up with inflation or close to it and have in a safe place tax advantaged where the investor does nothing but get a check deposited each month into their account. 

Purchase Price $ 549,000.00 Deposit (year 1) due 1/1/2023 $ 55,000.00 Deposit (year 2) due 1/1/2024 $ 55,000.00 Loan Term/Amort - 24 months/ 180 months - interest paid* $ 37,044.00 *50% towards purchase price Total cash to seller by 1/1/2025 $ 586,044.00 Terms 24 month / 180 amortization @ 7.5% interest with 10% down.

Robert,As the saying goes - "cash is king"If you have the capital to make all cash offers and can close quickly, then you will have an advantage over other real estate investors that have to make their offer contingent upon financing.I've had lower offers accepted over other RE investors by offering all cash, quick close, no contingencies, and by offering a significant earnest money deposit.