Advice for dealing with a troubling tennant

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Hey guys, This is my first time dealing with a "problem Tennant". I am unsure how to tackle this issue and hoping I can get some advice so I do not end up costing myself more time and money. I have a tenant that has never paid rent on time and is currently behind on payments. I have tried to work with them and come to an agreement on a payment plan and have had no luck. I received multiple complaints (duplex) from the neighbor who has been a great long time tenant. Complaints like noise complaints, smoking in the building, and leaving garbage out in the open. I fear that if I do not start the eviction process I can lose more money on unpaid rent and lose my good Tennant on top of that. The county ordinance says they require a written 5 day notice to the Tennant to come up with the unpaid rent before you can start the eviction process. Should I go ahead and send a written notice or should I try to approach the Tennant and ask if they are willing to break the lease and move out within x days? Any advice would be greatly appreciated, Thanks Jeff