Advance Rent Payment Considerations

[Allison Park]

I have had a couple applicants with Low credit scores offer advanced rent 6-12 months based on proceeds from sale of a house. What are the considerations for accepting rent in advance. Based on a copilot prompt it cited these items:

1. Taxable in the year recieved

2. Need to update lease for the specific terms

3. Need to hold payment in escrow / trust

Any other practical advice to share?