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Re: I will be a first time RENTER... (by R P.):

Many owners that rent out ask for the payment in full upfront with no refund ..... some ask for a deposit and the balance paid a certain amount of time before the rental date ...... it's actually up to you as to how you do this.

Go here http://www.redweek.com/resources/rental_process/private/ and to step #2 for a rental agreement that may answer some of your questions ..... you were smart by opening a paypal account for instant payment.