Deposit and first/last months rent
I have 2 properties I am putting under management.
One is a duplex that is already rented. The current tenants have put a deposit and first/last months rent down.
The property manager has that money right now. I want to hold that money myself rather than the property manager.
I was told the property management firm has to hold that money. I can't find any information to verify that.
Is that a true statement?