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.

Most commercial lenders look for a track record of experience before working with you, so as a first time investor it may be difficult to secure that type of loan

@Bryan Eugene Long its LITERALLY as simple as get someone else to fund your deal and you have a Note, Security Deed and other docs if needed just like any lender would so your lenders money is secure. 

You have to secure an access agreement with the seller.

I think the obvious advantage is job security.

At what point is the security deposit forfeited?

I am a new investor looking to secure my first property to BRRRR out of state.

They should prorate any rents and transfer any security deposits on account. 

Maybe they want a new fan, or a motion detected security light-- show them you aren't just raising rent, but you're actively improving their homes.   

If your lease with the tenants stated they are responsible for this bill, I'd suggest you pay it right away to avoid the lean and include it as part of the security deposit settlement process.