AC, electricity, no plumbing.

We are retired and have no plans to work (other than work from home).Budget is around $700K with about 3000 sqft, preferably ranch style.

Secondly, how do I deposit the Security deposit into my account from Venmo in order to keep it separate from my other funds?

If you are buying it as an investment property, you are buying it at a much higher rate than a traditional owner-occupied loan so you must be in a primary residence now and are just planning a just-in-case scenario.At first, I thought this was a no-brainer answer as if you can do whatever you want, but those investment loans are banking on the income projected as part of the collateral for the loan so it's a good question.A seasoned lender or someone who has had to move back into one of their properties will get you the best answer.

It also allows tenants to set up automatic rent payments, so no more late rents!

The worst answer you'll get is a no. 

These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.

I am (to no-ones surprise) very biased on the Milwaukee area for a lot of reasons. 

Virginia doesn’t have many requirements around a security deposit: doesn’t require an interest bearing account or for me to return interest if it earns any.

If they used a loan for a primary residence, there may be some ability to enforce something but that really doesn't impact your decision. d) There is no effect on capital gains since they didn't use it as their primary residence for 2 years.