Tenant hit a snafu, moving to weekly rent payment plan. Opinions?

[Mike Makkar]

I'm trying something different with one of my tenants. He's been low-maintenance but has fallen behind on his December and January rent due to some personal issues. He got his December rent current (albeit 40 days) and got half of his Jan rent on track. I noticed that he lives on a weekly basis (expense reports and bonuses). So, given the humanitarian, I am, I'm trying to work with him for a weekly payment plan with a 12% upcharge. 

Anybody have any opinions on this? Anything that I should watch out for with a weekly payment as opposed to monthly? I've sent a LATE NOTICE and threatened an eviction already, but weighing the economic downside of an eviction, I felt this would be easy on both of us. Thoughts?

[Michael Noto]

In my experience once a tenant falls behind they never catch up and even if they do they end up falling behind again and again. It's a cycle no matter how creative you try to be with a payment plan. 

See if you can work something out with him to get him out if he is reasonable.