What bank should I put the security deposit it away in, big name or small community bank?

I am saving up enough to cover 12 months of the mortgage and bills and putting them in an account separate from my finances to cover any periods that the other side is vacant or not payingBut I also can secure my future with this property, if done right.Please help!

Hi BP Family,So I just closed on my first multi unit deal with two tenants in place, one of the tenants has been there for a long time and the previous owner never took security and last from them. 

You also have their security deposit, perhaps you can negotiate that you keep it to help cover closing costs?

First, you should verify his income supports the rent without her assistance.Second, you should write up a simple "Remove Tenant Addendum" that removes her from the lease, gives him complete control of the lease and responsibility for the rent and condition of the property, and that notifies her she is giving up any rights to the property or the security deposit.

The numbers are fair in my opinion but I would structure it as a secured loan and a joint venture agreement(two separate agreements).

What software do you use to manage your owner finance properties?

Don't let "accreditation" or the folks selling products "only accredited investors can buy" lull you into a false sense of security. 

You could contribute enough to get the match, let's say 4% from you and your employer (8% total contributions), but your 401k loses 6% one year, resulting in growth of only 2%.During a good year, maybe it grows by 16% (=8% investment gain on your 4% contribution and 4% match).Alternatively, you could keep the entire 401k account in cash (not invested in any securities) and let it grow at the matching rate, guaranteed like a CD.If you forecast out to retirement, based on what you plan to contribute, do you anticipate that your 401k will be your primary source of retirement income? 

I've built a financial model/software that I use personally and help other investors all the time as well free of charge.