I let the natural turnover happen and as the new tenants came in then I required deposits from them.

Resolution 2023-10-03, passed by the Board of Commissioners in October 2023, mandates that all short-term rental unit (STRU) cleaning companies must pay a fee to dispose of the waste produced at the overnight rental units they clean.

While, Yes, it is saturated, you can still find STRs that produce. 

Because Atlanta is so big , to me, moving to the area seems like it would produce the information that you need on the neighborhoods within the various counties as well as letting you get to know what the local neighborhood people value for a rental. 

I think equity harvesting only works if you can find another investment that produces a higher return than the borrowing rate.

This way you can have some real estate that produces appreciation (your house hack) and diversify in a more cashflow oriented market

Syndications are naturally a higher risk asset class so you should be getting rewarded for taking that risk by getting more return than the stock market.

If/when tenant does decide to buy it, lets say the total sum between rent credits and purchase option payment was $8,000, you can either take $8,000 off the purchase price or as i would prefer, keep the purchase price but produce a receipt as if the tenant already gave you $8,000 in EMD toward the purchase price so it would count as part of their down payment and make it more manageable for the tenant financially to execute the purchase.

Have you considered ways to increase the rent so it actually produces a cash flow return?

It will be a top income producer for you forever as long as you remain strict, competent and ruthless with your tenant screening.