In IL contract is valid without EM deposit.

You should ask for proof the claim has been filed and a copy of the receipt for the original money order.I realize there are risks, but I have tenants deposit the money directly.

Like Chris said, use a one-page assignment contract that specifies the amount of the assignment fee and amount of the non-refundable deposit.

I'm worried that I will never see those deposits.

Now, your assignment fee could be used as your earnest money if the timing of that deposit was such that you could contract, then assign, then deposit earnest money.

Know the property well.Agree on the scale you mention my point is your not going to give a 1k EM deposit and then flip it... with 35 dollars in your pocket...

You just explain to them that the first applicant that meets your criteria and able to move in on the move in date along with security deposit etc gets to reserve the unit.

I required a $2,500 non refundable deposit and $800 month.

Ended up getting a contract on it today blind and another willing to pay more and as much as I would like more money I do first to come with a contract and deposit gets it.

Therefore, there is a significant benefit to having leases start in late spring to match the moving times of new doctors doing their residency and fellowships.If there are no circumstances that create a perfect lease time, maybe consider staggering your rentals, so you have less chance of multiple simultaneous vacancies.