security deposit question
hey BP, just had a quick question; I have 2 properties now. 1 being a primary residence and 1 being a rental. I am super excited for the future and cant wait to get more into owner financing and buying some multi-family properties. I am in the South Florida market and I am also a realtor.
my question is: I did collect a security deposit, and Florida tenant laws state the securitty deposit must be held in a "separate" account. what exactly is meant by separate? I mean I have bank of America and I have like 6 or 7 accounts. the security deposit is currently in it's own account along with last months rent.
Is this situation ok? Do I need to put the money somewhere else?
Any help is much appreciated.
Thanks,
Scott Goulet