It was very informative and I agree with your recommendation. 

We have offered and would be happy to help her move because I agree, she should have left months ago..

Were the police calls noise related.. get time and date of calls.Give her written notice of Non-compliance, Noise violation, High Traffic (unauthorized people at all times of day/nite), prostitution (more than likely).. and dont forget the trash.I'd do a letter of mutual lease termination with the notice on non-compliance, and say if she agrees to vacate, in writing within 5 days,, that's by Sunday at 5 PM you will not file eviction action on Monday at 9AM.

@Trevor Turner, I agree with @Gene Hacker suggestion to quickly read a few books to get a better overall understanding of real estate investing.  

And if they will agree in writing that they will leave and terminate the lease by Sept. 30th, they do not need to pay the rent as you will be using their last month's security. 

@Joseph Cornwell Thank you for your inputs,I agree with your analysis.My investment strategy is value add apartment building (15~20 units) in neighborhood B/C,I know east side high levelly better than west side,but I am open to west side as well as long as I can find good deals and team.So right now I just deeper my understanding of the west side of Cincinnati market,hope I can identify decent area and deals/teams to match my target.

Sounds like the numbers work well on either option, I agree with the sentiments that $50,000 is a huge swing in potential sale price. 

Also I agree on the REITS being a low ROI my father in law is kinda just pushing me into trying to invest in REITS.

@Sergey Tkachev, couldn't agree more.  

@Logan Allec haha I could not agree more!