Inherited Tenant Bounced Rent Check

[Mathew Cubell]

Hi All,

This past September my wife and I purchased our first investment property with the help of BP. This is my first time posting and regrettably I have only been a lurker until now. The property we purchased is a duplex which we are occupying one side of. Prior to purchase the previous owner created a lease which terminates on 30 April 2018 so the current tenant could stay through the sale of the property. 

The tenant has paid on time (this month included) since October. I learned this morning that their check which was deposited on the 8th of this month (rent is due on the 5th) bounced for NSF. 

Can some experienced landlords/house-hackers give me your input as to how to handle this situation? I am in upstate New York so our laws allow for a 3 day Pay or Quit notice. Do I serve this today with a text/phone call or do I try a softer approach? Thanks in advance!!