I won't able to provide accurate advice without seeing it first.  

I would like to use it to collect payments and track bank transactions but I am concerned about security. 

I manage 325 units currently, and there are quite a few scammers out there that use this even to secure an apartment and then never pay.

I feel the main reason the bank pays back taxes is to protect themselves of a tax foreclosure happening and they loose their security for the loan. 

You have to read the entire Article in its entirety, all sections together.The short answer is, "the action" refers to the action a purchaser is entitled to bring for possession, provided it has given notice and waited at least 6 months after the issuance of the tax certificate. 

Eventually, someone looks at the Move Out Documentation and decides the fate of a security deposit (again, with significant legal consequences) ...

Since I am a beginner, I wonder if anyone can provide advice. 

I am looking for:1) Financing opinions - With the information provided, what financing options would you consider?

A performance deed is a real thing and would provide you with the protection you desire.

Secure funding for your flip through options like hard money loans, private investors, or leveraging your home's equity with a HELOC.