Meanwhile regarding deposit payment, it's attached to purchase contract and hold by escrow company or real estate attorney (different states have different rules), for example in Manhattan or other part of New York State, for up to 1 million dollar property it's reasonable $5,000, for Los Angeles 3% of sale price.

One drawback is that they are paper-based, not online, so it's checks to deposit and paper records.

If a tenant wants to have a dog in the property, I charge a higher deposit and a higher rent. 

I would require a pet deposit.

You make them pay for their upgrades as part of their initial deposit and you itemize them as part of their contract price.  

I have done where we rented the property for a 12 month lease and they paid a higher amount for 9 months and then a lower amount for the 3 months they went back home and the unit stayed as is "primarily storage where they didn't have to move out"  that saved on turnover.You may experience a higher turnover and make sure you secure a higher security deposit for damages.  

Next to that column are columns for operating income, non-operating income, deposit activity, deposit balance, operating disbursements, management fees, beginning balance, current activity, and current balance. 

Would you ask for a security deposit? 

And provide the applicstion fee as discount from security deposit only if accepted?

i often will ask a higher deposit of someone if there is an issue on their app i am not totally happy with just to guard against potential issues in the future.