Determine your maximum allowable offer (MAO) based on your investment criteria.

They simply want to put their money to work.

Simply put, there are a limited amount of PMs that will operate in the area, so I ended up with poor management.

It's simply factual:  you violated the lease by smoking, stop it, remove the resulting odor and that a repeat action could result in eviction and loss of security deposit.  

My question is - Shall I simply not take a chance with her and inform her that I have found discrepancy on her application and her background and just ask her to evict?

.- Value add - When building additional units, what steps should be taken to determine how many can be built?

I wouldn't mind jumping a quick call for questions or if you simply want a demo of how I have it set up and how easy its been!

I read somewhere years ago that simply entitling raw land (permitting) it for a use increases its value by 3-5x.  

Then you can determine whether or not to hang on to that one or seek something somewhere else.Even the decision to move into other asset classes like equities or whatever will need you to factor in the loss of investing capital in the form of capital gains tax (plus 5 years of depreciation recapture). 

But if you are determined to do so, try to go for turnkey properties on the newer end - less maintenance which is good when you are investing out of state.