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I start to sound like my father here ... You have a party- you better make damn sure that no one gets into a car and drives that shouldn't be. You are the homeowner, you could be held liable.
I'd also check the law in your state regarding the security deposit. In NJ< the security deposit has to be held in a seperate interest bearing account, and the interest is payable to the tenant, yearly.
It sounds kinda hardass, but this is a business, and your friends should understand that and not take advantage of your friendship.
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Free your heart from hatred. Free your mind from worries. Live simply. Give more. Expect less.
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