A very good friend brought a realtor who specializes in this type of project, her buyer had been working on this for several years and fell through and so we were able to step in after most of the water rights were secured.

They will be done on one rehab in two months, so I wanted to take it in house (since we already have the software) and just deal with a realtor to fill the vacant units.Anything within 80 miles we manage directly.

*I improvised and gave her the cashiers check first, it was still blank, for her own security so that she felt comfortable signing Warranty Deed etc. - Notary witnessed too (I'm winging it here!). 

Not all property management software are accounting software.

Don't threaten to keep the security deposit. 

When I reviewed the actual TD, it said something to the effect of "this TD secures a  maximum of 501K in debt" since it was the TD securing a LOC. 

As a newbie looking to do my first BRRRR or Fix & Flip, I'm realizing I'm not sure what the proper protocol is with regards to lining up cash for the deal first (hard money) vs getting a deal under contract first, then securing hard money.

The tenants can have a security system in their unit, if they want, but the common areas are used by too many people to have a security system. 

I honestly thought that was a great way to put it in perspective.Separate PointI did disagree when they said pulling out the equity makes the investment more secure.

It has links to your state laws so you can (and should) read them for yourself but it also includes summaries of important laws like how to handle security deposits or evict tenants for failure to pay rent.