Lease: best option monthly or standard year


this is my first post here:

I am taking ownership of a townhouse next week. I have a potential renter for the unit, but he had a problem with his last property manager. The renter was doing a rent to own, but tried a business venture that failed. Therefore, he ran into money problems and was evicted.

My questions:

  1. If I rent to him which would be a better option for a lease if I had to evict him
    a) month to month
    b) standard year- with very strong language for rent payment, late pay and eviction policy

Renter has a steady job (10+ years), works in the credit fraud department for a major retailer. His wife has a steady job also.

  1. Would if be a good idea to have her signed on the lease??

I was also looking into doing automatic rent payments, to eliminate some hassels

( )

  1. Has anyone used this method of collection before? Does it eliminate some hassels in collection process?

I live in Minnesota. I feel the guy has been straight and up front with me. He told me about the prior rental problems. I want to be fair but want to avoid any hassles I can in advance.

Thanks in advance for any advice!!