Hmm. What could possibly go wrong.
1. Landlord has all your private financial information and social security number and your signature that they can copy.
2. They have a master key to your apartment
3. They have access to your neighbors and can find out about your coming and goings
4. You have to deal with this person when things go wrong.
5. You rely on them to deposit your check on time. They can make you look deliquent in your payments.
This idea is as great as the following.
Go down Niagra Falls in a wooden barrel (after all its wood and would float)
or play russian roulette with a revolver having 5 bullets in it (after all one of the barrels is empty.
Oh, heres another great idea for fun. Jump out of a plane while your only 5 stories above. So long as you have a parachute, everything should be fine.