We could easily find someone to be as trustworthy and accountable as us, but it would come at a price of paying them a high wage, leaving not much left for profit for all of the hassle involved with managing another's schedule.Instead of expanding our business adding lots if stress for a little extra profit, we plan instead to just enjoy working a healthy business and transition into real Estate investing.

@Ramon CuevasIf you have loved ones depending on you financially you should keep term life insurance until you build enough assets and your need for life insurance is eliminated.

I put tenant address numbers as the PIN.Experiences I have had with Wells Fargo and that others have had with PNC is that you can't easily define what tenant made a deposit.  

I stumbled upon this run down 4BR house which needs complete gutting and rehab - easily a $150-200k project.It was listed 6 months ago, list price was lowered last month to $500k.

If you think first, last and security is a lot, out here in Boston renters are easily paying First months rent, Last Months rent, a Security Deposit equal to 1 months rent AND this g-d damned (telling you how I truly feel) finders fee which is also equal to 1 months rent.

I find that this eliminates 95% of the newbies, and if they aren't willing to follow through on a simple assignment designed to help them, then they are wasting everyone's time.

I heard on a recent podcast that you can easily pull real estate statistics for your target market through REA (I'm not even sure this acronym is correct)?

You should easily surpass the expense in income or cash saved with your goals.

Written communication (email or texts) work as well, email preferred unless you have a way to back your texts up easily so that you'll actually do so.You'll want to explain how to pay rent (money orders would work well since they're next door, but there are also some free electronic payment systems that are worth looking into for your convenience and theirs.

Ultimately there is no way to stop this but you can use process of elimination to cut down on getting the ones from all the morons (as I call them).