ok to have prop mgr hold security deposit and leases?

[Jesse Danzig]

i'm interviewing property management companies and have run across some instances where:

1. the leases will be between the property manager and the tenant (rather than between the owner and the tenant), and
2. the property manager will hold the tenant's security deposit in an escrow account (rather than the landlord holding the security deposit)

are these common? are there pros/cons to doing either one way or the other? thanks for any input.