Screening a tenant

[Austin Berlick]

Hi,

I'm new to house-hacking and being a landlord. I currently have a 5bed 4bath home here in North, Austin. A gentleman found me through a local facebook group I posted in. I've met with this individual, ran his background check, called a reference, and completed a credit check. 

This individual is looking to get ahead and has made some silly mistakes in his teens that came back on his background check. DUI, possession of marijuana, etc... It's been 10+ years since any record. His credit is also sub 600. Not ideal.

He's toured the home and has gone through a brief discovery call/introduction with myself to ensure there's a mutual fit. 

He's willing to front 2 months of rent and a security deposit to make up for the sub 600 credit score ($2k+), lack of pay stubs (transitioning from job to job), and poor credit. 

My gut and heart tells me to give this guy some leeway and help him out as long as he pays. After month 2, what if he does not have the funds to pay? How do I proceed? What would you do as a landlord?