Form and Timing of initial tenant payments
I am getting my application form and internal checklists finalized to screen tenants for my first SFR, and I have a couple of noob questions about logistics. What type of payment do you recommend taking for the security deposit and first month/last month rent? Are money orders acceptable or only cashier's checks? Also, in terms of timing, I am reading Landlording on Autopilot and the process he outlines, if I'm understanding it right, is to contact the tenant when they are approved and require that I receive the security deposit to hold the property within 24 hours of that contact. After that happens, is the first/last month's rent handed over at move-in or at the lease signing? (I'm assuming that the lease signing should happen as soon as possible after the applicant is accepted) Thanks so much for your help!