One lease or seperate

[Preston Humbard]

My wife and I are buying a condo in a primarily college town. It has 3 rooms so most tenants will be unrelated. We are trying to figure out if we should do one lease for all or separate. One of the biggest questions that comes to mind in this situation is the security deposit. If leases are done separately how do you account for damage to the property in a common space (i.e. Kitchen, living room, bathroom, etc?)

I am assuming with a single lease you would just deduct the charges from the deposit then split it 3 ways evenly and return the remainder (if any) back to the tenants.