Can I rent home to someone with bad credit

[Mushtaq G.]

I just got a new investment property,  there is this potential tenant, single parent with four kids, the eldest daughter is 24 yrs old, the tenant was upfront about a rocky credit, but when I ran the application the credit was 420 with student and car loan, there is a bunch of default payment ranging from kohls to rent default from two years back,  although the background check came in clean with no eviction history, I used Cozy app for screening this time, the lady says her eldest daughter has a good credit score and between both their incomes they should be able to meet  the income minimum, a part of me wants to help here but I am new to this so not sure if its a bad mistake to let my emotions take over

I was planning of using some precautions like  getting two months deposit, doing a month on month lease, having both applicants in lease contract... what else am I missing, or should I just stay from this.. appreciate your advice