Having worked in and around real estate including loan side for both residential and smaller specialized commercial (medical), renovation and new construction/new build with a broker & brokerage founder (who has since retired) I know from him that in addition to reputable property managers, contractors and architects we had accountants including a forensic accountant on the loan side and a handful of real estate attorneys with one on retainer.

For instance, selling properties may result in capital gains taxes, while a buyout could have different tax consequences.Legal Guidance: Engage a lawyer who specializes in family and real estate law.

A lot of time and money goes into test preparation and licensing.

If you want to be a career landlord, find a landlord attorney who specializes in property management operations.

(From there find an agency that specializes in the type of project you are looking for, set up Zillow alerts and watch- understand the market you are diving into so you can spot a deal, a good agent should do this for you too!)

So, with that being said, and giving a special shot out to the MortgageGrapevine godfathers and mothers, OldMan, Peter & quicksplit.

My question is, is there anything more I need to do to (i.e. issue a formal written notice of lease violation) in order to prepare for the possibility of keeping a portion of their security deposit to pay for eliminating the odor? 

Look for properties with potential for value appreciation, understand local market conditions, and be prepared with financing options.

As a broker specializing in rental properties for the last 20+ years the worst stories I have heard came from landlords who became friends with their tenants.  

He's making several loan products on the project so it's cost effective and specializes in DADUshttps://crosscountrymortgage.com/The-Keane-Ng-Team/