How much to Collect on Day one from a Tenant?

[Shaun Palmer]

Hey BPer's I am just getting going with rentals and I am curious what everyone does on day one that the tenant is approved? This might be a silly question but I want to understand what is consistent with the industry. I have reviewed the current laws for North Carolina and basically, a LL can collect 2x base rent for a security deposit when the lease is annual. Is everyone also collecting first and last months rent? For example: Monthly Rent = $1k Then, Security Deposit = $2k If, 1st and last months rent is collected = $2k This would be a total of $4k initially. This seems steep for a tenant. Please correct me if I am wrong. Thanks in advance