Generally in Illinois, the Tenant does not have the right to cure the lease violation and stay in the property.

Then you have to see in your state your right to cure lawssome states like the ones we worked in Or and WA you could cure right up to 5 minutes before the sale was going to be cried.

Long term hold, with buyer planning on carrying existing financing to term without the ability to quickly cure default — terrible strategy with huge risk for both parties.   

I would send a lease violation notice that advises the tenant that they have violated the no smoking provision of the lease and that it needs to be cured immediately - to include complying (not smoking) and remove any odor/damage that may have resulted.

You may have to evict which is generally the course it goes but do something/everything (legally available) to cure this quickly. 

It’s obviously something you want to cure before getting caught. 

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If he doesn't qualify, advise her that she has to 'cure' the illegal occupancy immediately or be subject to eviction. 

I'm currently building up capital for future ventures and properties that I find on market, as well as attempting to find the best brokerage where I can work under an individual who is already more established.

See the chart from Fair Isaac Company (FICO) below: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyAccording to this chart, investors should use corresponding vacancy+tenant-nonperformance factors of approximately 5% for Class A rentals, 10% for Class B and 20% for Class C.To address Class C payment challenges, many industry "experts" are now selling programs to newbie investors about how Section 8 tenants are the cure.