How to handle security deposits for rent per room?

[Wilbert Gonzalez]

I'm considering renting a property per room in order to maximize the rental income. It's a large single family house, 5 bedrooms, 2 full baths, kitchen on main level and in basement. However, I've never done a rooming house before and wanted to know the best way to handle security deposits and how they may be applied to damages in the future. Thank you in advance for your responses.