The 900 deposit was it a check??

I actually had to show that the security deposit the tenant paid went to my bank account.I mean, why?????

Just checks deposited in your account each month.PG

In other words is the seller or management company "cooking the books".Example.1.Taking money from another account and making the tenants look like they are paying on time and in full to show 100% occupancy.2.Giving rent credits like first 1/2 month off apartment rent,or full month rent off,or no security deposit,pet deposit,etc. to inflate occupancy.3.Retail leased properties where market rent was 18sq ft but the landlord is selling because lease is coming up for renewal and if tenant doesn't get 12sq ft they will upgrade to the new grocery anchored shopping center that used to be 22 sq ft and is now 18. 4.Watch out for pre-foreclosure volume and foreclosure volume for your area.What I mean is when a buyer purchases a distressed property for below market value they can then rent at a lower basis and still make the same or better profit than you.I have seen this first hand.I have seen rents for apartments 2 bed be 650 a month.Then a few foreclosures happen that buyers purchase cheap for cash.They come on the market and rent for 550 a month.The buyers rent low to get the best tenants to choose from and build occupancy quick.Then over time they will up the rents.What this does is put tremendous pressure on landlords already hurting that have high debt service loans.Then those get foreclosed on and a domino effect happens until the market settles.So my main point is don't count on current rent or future rent.I look at where the market is going and correcting to and buy really low so you have room in case the worst happens.This will exclude many properties.If you make great income form other than real estate and just want a tax shelter with pay down etc. then you might look at it differently.

There may also be some Christmas hangover depending on your upfront fees (1st and last month's rent + 1 month security deposit??)

Just depends on the level of knowledge of a holdover tenant.If they know a similar property will rent for 1,200 a month and you are offering 1,200 to move now but they have a ton of trash to clean up,deposits,moving truck etc. then they will stay put.If the courts are backed up it could take 3 months to get out.They save 3,600 that way and leave you the trash.Again it all comes down to how smart the holdover tenant is and you won't know that until you approach them.Even if they agree to cash for keys I would still file eviction to keep the heat on them in case they change their mind.

That includes both the lost rent until they're filled, plus the costs (advertising, promotions, special rent deals or reduced deposits) of filling them.So, you need to figure out those costs and add them to the purchase price.

(I was advised not to by my mentor who is a PM) The tenants did mention something about using the damage deposit for last months rent when they decide to move.

You can compare your rental to the ones on the list (based on sqft, bedrooms, bathrooms, amenities) The process for me in LA is, I list the property at max rent, tenant sees and likes it, I approve the tenant, inspector comes out and tells me what I have to fix prior to move in, advisor/counselor tells me my unit does not qualify for max rent and offers me less, if I agree to lower rent, I get all the approval paperwork and tenant pays security deposit and moves in (takes 2 months) In $$, I have a sec 8 tenant in LA and the maximum that sec 8 will pay this year is $1,450, market is $1,500, and I only get $1,100.

His inability to give me the key is going to force me to rent a box from the usps.I am just wondering if, when the lease runs out and I leave, this is something I can tack on should I decide to take him to small claims court (I'm already expecting to not get my deposit back even though the place will be better after I leave than when I arrived).