Deposit to hold property

[Mike MacNeill]

Hello all, I am new to Bigger Pockets, this is my first post on the forums despite listening to almost every podcast. 

I have a property that will be opening in June, and have a tenant lined up for the pending open house.
What is the right way to accept a deposit to hold the property for the potential tenant? Am I able to hold the first month’s rent or a security deposit from the potential tenant? 

Then looking at the potential issues that will arise, either they pull out and no longer want to live in the house, is the deposit refundable?

Thanks for all experience you are willing to share with us!