What is the minimum requirement for managing security deposits?

The minimum requirement for managing security deposits is to maintain a separate ledger for each tenant. This approach ensures accurate tracking of each tenant's deposit, outlining the amount received and any deductions made upon move-out. By keeping detailed and distinct records for each tenant, property managers can effectively manage and return deposits according to state laws and regulations.

This practice supports transparency and accountability, which are crucial in property management. It facilitates communication with tenants regarding their deposits and provides a clear understanding of any deductions that may apply, thus reducing disputes and fostering trust between landlords and tenants.

The other options do not adequately address the specific needs for managing security deposits. For instance, depositing funds into a business account may not offer the necessary clarity for tracking individual deposits, while consolidating all deposits into one account lacks the transparency required for tenant-specific records. Sending checks to property owners may pertain to the distribution of funds but doesn't help in the management aspect of security deposits themselves.