We can't even collect last month or security deposit.We are the only province in Canada where a security deposit is illegal.

So, a $20 EM deposit on a 400K house is as valuable as an unlicensed broker: worthless.

If the tenant is gone, and you're thinking about keeping the security deposit to fix the damages be an honest landlord and give the tenant receipts on what you spent their deposit on...

Then, call it $4k security deposit, $3k furniture, $8k left for operating expenses, vacancy, etc. 

Instant winner.

IMO both parties should be required to put up a deposit, and if either bails then the other party keeps the deposit as damages.There is a ton of work that goes into securing a property as a buyer

There are other loan products around that only require 5-10% deposit (but, higher interest?)

But when i get the contract do i have to make a legitimate offer on the house  and pay that amount first before i sell it or do i just get give the seller a small deposit so i can sell it to my buyer ( I intend to sell my contract)?

. $500,000So in this scenario, the property purchased has some instant equity.

The only thing a new guy sees is instant EASY cash starting with no money and often no education.