When and how to collect the first payment with electronic lease
I'm about to get my first leases signed (for two 5/1 moving-ins and one 6/1 move-in) but I'm out of the area today and want to get them signed tonight. I'll be there tomorrow afternoon and can give out keys, etc. but I've had a lot of interest in the property and want to get the leases done ASAP so I have a chance to find another tenant if necessary. Also, the leases will be signed electronically by the tenants but I have to have two witnesses so I plan to print and sign them here at home then bring the perfected copies to the property tomorrow.
My main question is, how and when do I collect the initial payments? Before I return the counter signed copies or when I do? Although I seem to have very clean tenant prospects, I don't want to take a bad check and get stuck with an instant hold-over. I plan on allowing ACH payments or deposits directly into my account which is 1-1/2 miles from the property.
Any feedback on my entire process is greatly appreciated!