This way you wouldn't need to provide paystubs, W-2s, tax returns etc. 

I think it's less of an issue of which is better and more of what are you comfortable with?

The protections are there because beat cops are not qualified to determine who is a tenant and who is a criminal.Just as LL should not provide keys without rent, security deposit, credit check, etc, tenant should not pay a dime without a lease agreement that gives them certain rights.  

I appreciate any help anyone could provide!

Hire an attorney to provide the required notices about his serious breaches of the lease agreement and file the eviction case.

If you bank at a retail bank it's likely that you could pull a cashier's check to provide  certified funds.As to the wisdom of using other people's money (that you are solely responsible for) you'd better be comfortable with repayment even if things don't work out as planned.

A fairly common way that self-managing landlords handle this is to create a company that provides services to your properties.

I guess the proxy might be what the person is paying now provided this isn't their first. 

Thanks.Go to meetups, as many as possible and network with other investors so you get comfortable and make some good connections.

Can you provide your checklist for evaluating syndication deals?