Also, expenses need to be paid from the account and income needs to be deposited into it.Please correct me if I am off base on this one.Thanks

I did miss the deposit. 

If I am right on this one, it will be gone in no time.Any suggestions from a seasoned Investor on how to flip this property or perhaps use the current rent roll and security deposits in conjunction with a an equity partner to buy and hold?

My purpose for using clearnow is ease and convenience of getting rent deposits.  

In California the laws regarding security deposits are strict and the California rental law book that I purchased awhile back talks about how to word the lease to tailor it to protect yourself.

She got a cashiers check in the mail and she deposited it.

Also, around here I believe you need a significant deposit and clear proof of funds.

By this point you will have a lot of money tied up in closing costs and also the non-refundable deposit that the investor you are buying it off of has charged you.  

When I get a property under contract is it always necessary to put down an Ernest money deposit?

A mortgage broker working with investors should also have a good network of private lenders s/he can match-up with investor borrowers.While you have what sounds like a good rapport with your existing broker, have a blunt discussion with her to verify she has the experience and reach to embark on this venture with you.