[quote=4plexowner]collect first and last month’s rent up front along with a security deposit (most people don’t have this much money available so you will severely limit your pool of potential tenants doing this)[/quote]
The Nolo press book strongly advises against calling any part of the security deposit “last month’s rent” because the tenant will likely take that literally. It also creates an ambiguity should you later raise the rent during the tenancy.
In California the security deposit cannot exceed two month’s rent (CC § 1960.5(c))
Get the Nolo press book. It’s 30 bucks well spent and has all the forms you’ll need.
