Basic Guidelines to follow:
Security deposits are standard procedure
Usually $200 or 10% of the total rental
Process all deposits right away.
Cash checks immediately to make sure the funds are available.
A bounced check is a sign of trouble.
Only return deposits after inspecting for damage.
Be sure to comply with laws governing how deposits are held.
Some states require holding deposit funds in a separate,
interest-bearing escrow account.
Be sure to inform guests about your deposit refund policy
Return deposits in a timely manner