I have 8 long-term units, 3 mid-term units.

For example, a property in San Diego may lose $500 per month ($6,000 per year) but gain $60,000 per year in value, making it worthwhile to "lose" money each month in exchange for long-term gains.I recommend you start with BiggerPockets Ultimate Beginners Guide (free).

This forces prices down long term.

You would be violating Airbnb's terms of service.

Hi Will in Chicago-Congratulations on having a paid off rental with 500K in equity.You are wondering what options may be available to put that equity to work and you are not interested in buying another traditional rental.One suggestion I would offer is to put some of the equity to work by becoming a private money lender partnering with an investor that would split the profits with you on short-term projects.You could turn that money over and over into the next project getting a higher return than the trapped equity and getting a lien position on the project property to protect your downside investing in a fairly passive way.To Your Success!

@Nathan Gesner had a pretty robust post on how to do that some weeks back.Another problem that is getting in your way is the use of term leases here in NY. 

@Tim Delaney is an investor in the Buffalo market and shares many of your views on its long term potential!

You can do this as a rate and term refinance with no cash out, or a cash out refinance. 

Once I get a few stable long term rentals maybe consider looking into such properties and cover aspects I am able to confirm. 

We are NorCal and are not yet in flipping but looking into long term rentals currently.