Another reason why those same properties show such terrible returns for typical investors (who only have say 20% deposit) - you're competing against well-heeled owner-occupiers!

I use deposit only ATM cards.

If you want to acquire property by participating in the tax deed auction itself, many of them are online now days, you simply have to make sure you are registered by the required time frame with a 5-10% deposit of your maximum bid. 

This should help with any assumption about the rent collection and if the seller holds last month's/security deposit that needs to be transferred to you.

One person stated, since they don't meet criteria: I see my credit score came in below your minimum requirement2- If they fulfill screening criteria, schedule a tour and then handout Rental Application, if they are interested and after their consent, use https://rentprep.com/ or https://www.myrental.com/ for tenant screening.3-If everything checks out and all good, ask for security deposit, use a lease agreement(addendum) along with RentPrep Move-In-Move-Out-Checklist and lots of property pictures and handover the keys.Is there any other key step or detail which I have been missing?

I'm trying to figure out the best investment strategy & I have up to $190K for a down payment. My company made $40K net profit in 2019 & much less in 2018. My net for 2020 is about $30-$40K but I haven't filed...

I don't have a lease, I don't know where to put the tenants security deposit after I get it, I don't even have a plumbers phone number in the event that the tenants toilet magically blows up at 1am.

After a few years, he entered into a "option to buy" arrangement where the tenant would "float" an interest free loan as a "good faith" deposit to be in a "right of first refusal" to purchase the home from my friend (notarized and everything) in the near future.

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.

Somehow this month's rent first got deposited into our account and three days later it got pulled out.