Not sure if it is worth it to just pay them out or proceed with evictions. 

What do you pay for property management and how many units?

When we were the lender we would foreclose on the property or have the HOA buyer pay us off.

The SFH and the 1b/1ba ADU are currently occupied by tenants under RSO and paying far below market rents.

I don't manage my clients' booking revenue so it's fine with me.I have an AI for STRs slide deck.

Even though I was cash challenged I held onto my house (putting past due payments on the backend) and had equity to sell, pay off debts, and get my credit in check.

The tougher part will be finding clients that want to work with a part-timer that has no experience and little time.If I were you, I would focus on dentistry where you can make really good money, then use that money to invest in real estate on the side.

The tenant is currently paying less than current market rate, and we are only asking for an increase of 6%.  

Now you need to figure out how to find deals and pay for them.

Hey Travis, I close a number of these for clients, usually more common on properties that were wrecked by previous tenants and they want to use existing equity to help repair the damages.We would classify it as a 'Refi-rehab' that would include a direct 'cash out' portion as well as a rehab escrow to reimburse you after you finish the repairs.