It's beneficial to target both Section 8 tenants and self-pay tenants.

If you use the $14,000, will that leave you without sufficient reserves if the AirBnb thing doesn't pan out?

However, those reserves are often most needed in the first year and not having sufficient reserves can put a deal in a bad position and that's where additional risk is created. 

@Carmen Assang as others have stated, you have to turn your emotions off and make the best business decision - easier said than done.Also, hopefully you've learned a lesson and will be more aggressive in the future with tenants behind on their rent.All this is another reason DIY landlords are often their own worst enemy and only think they are saving money by self-managing - when the reality is a good PMC will actually save them more money than they cost.

I am 33 years old and know that the money will be worth a lot more in tax free accounts in retirement.I have w-2 income1099 income (building side business for self directed roth 401k)I currently own no IRAs only a roth account.

If its positive it adds to your job/self employment income as a total income figure to determine your DTI or debt to income. 

If you need to tap into equity before institutional options are available, i would turn to private money and see if someone is willing to lend you their idol funds or self directed IRA funds. 

I even asked her why she had a Minnesota area code for a rental in Miami, and she said she's the owner and self manages properties all over the country, and she's currently in Texas. 

Being self employed then too, I would not qualify so I never started that way (and I was very young (like 23).

I live in FL and self-manage this property but have a Property Manager for my CO property.