Considering that they should be out and are basically pulling a fast one on you (POA's should be negotiated during the initial contract signing, not after closing), I would charge the very upper end of market rent and demand a large security deposit.

I know this is not necessarily big in my area but check with a lawyer about an estoppal agreement which is essentially a document that allows the tenant to verify lease terms that way if after you purchase it they cant come to you and say their rent was cheaper or their security deposit was much more than what the seller told you.

Having a plan to secure profitable customers.

In fact, the last three rentals of mine that came up for renewal in the last year had new tenants apply, background checks completed, and first months rent + security deposit paid sight unseen.

This can be a bone of contention when it comes down to it as unfortunately, in your circumstance, I would argue as the listing agent for my seller to keep all of the EM because you did not perform to the TPF addendum as you were not able to secure financing because of failure to successfully obtain Buyer Approval.

Security for you, and he can't just sell it to someone else down the road.

I am looking to secure a line of credit on my investment property.

We are dealing with a property now that the tenant failed to meet that standard and we are assessing a fee from the security deposit to cover the expense.

(Variable rate 14% is the cap.) with only my wife’s income (115k, and social security we get for my stepdaughter, 788 a month) the only option my credit union would be able to do is 84k loan.

The article was published by The Washington Post and it highlights three important investor qualities which I summarized as thick skin, strong stomach, and knowledge.  1.Thick Skin: Beginning a real estate investing career will come with some stress and challenges that include securing reputable general contractors.