After weighing our options, it seemed the best approach.

I have two options.

The first option will give you continuous headaches with a certain likelihood that the behavior may get worse (not paying at all and more damage).

We estimate the project will take less than 3 months to complete.I’m exploring alternative short-term financing solutions and would appreciate any advice or recommendations on options that might work well for this type of project.Thank you in advance for your insights and assistance!

I am finding tenants through Facebook Marketplace, the town has a shipyard and there are lot of people that come work for a few weeks/months at a time so this is a good option for them!

Meanwhile, explore options with other STR PMs. 

Unless maybe you have an option on the purchase of the real estate or something.

Your best option may be to increase the rent to cover the additional expense.

@Jerry Chilimidos,Here is a list of lenders who specialize in lending to IRAs and 401Ks:https://www.biggerpockets.com/member-blogs/2810/50272-list-o...I don't know where your rentals are located and how they are performing but selling might be an option vs doing cash-out refi.I would certainly consider option C.

The agent turned down a seller financing option - although it was not ran by the seller - because the agent said the seller is so done with the property that she wants nothing to do with it at all.