Inherited Tenant Issues With First Payment

[Niyi Adewole]

Good Afternoon BP Family,

I recently purchased my first househack tri-plex, and the one tenant i was somewhat apprehensive about has just alerted me that he will only be able to pay $500 of the $675 rent that is due today. He claims that his bag was stolen, etc... and that he can pay the rest in 2 weeks. Per the lease policy i can Add 10% if payment is not received tomorrow and an additional $5 per day. 

What should i do?

Should i send a pay or quit notice tomorrow and start the eviction process? What happens if he pays $500 today, can i still send a notice out tomorrow?