I'd consider doing some kind of cash out refi on the property at a number you're both comfortable pulling out, while still leaving $ for reserves to maintain the STR you currently have.

STR's, if done right, are viable long term investments meant to cash flow at a reasonable enough level to properly maintain and improve them. 

Your partners become your advocates, your network grows naturally, and your opportunities multiply.As you keep scaling up, think about how to maintain those personal touches.

Avoid areas with high vacancy rates or declining property values, often concentrated in certain inner-city neighborhoods.Since you’re out of state, building a local team is crucial.

I don’t think well maintained, well run properties that have rents at or close to market value should ever be that difficult to sell.

You need to properly maintain all this structure or it just gives a false sense of security.Secondly, why all cash? 

Bonus depreciation is just a special part of the US tax code.It allows you to take accelerated depreciation on portions of your property depending on when an asset is put into service.At the time of this writing, you can write off a huge portion (60% in 2024) of many qualified components that have a useful lifespan of 15 years or less.That means a certain percentage of things like landscaping, sidewalks, latches, appliances, fences, certain flooring, etc is depreciable in year 1.The bonus depreciation rate percentage changes yearly depending on the administration and the tax code.For years 2015 through 2017 first-year depreciation for all the items on a 15-year schedule or less was set to 50%.It was scheduled to go down to 40% in 2018 and 30% in 2019 and then 0% in 2020.But then Trump got elected, and he enacted the Tax Cuts and Jobs Act.That moved the bonus depreciation percentage to 100% from 2017 to 2022.In 2023 it went down to 80% and it’s currently at 60%.Depending on who gets elected again, 100% may be back on the table.Only time will tell.We know that the US government wants to incentivize more development and ownership of RE.They want Americans to continue to build and maintain our physical world.That’s why real estate is one of the most tax-advantaged assets in the US.Depreciation and bonus depreciation for RE are very positive and will likely continue in the years ahead.

Misdirected concern: This rare scenario is being overemphasized, likely to maintain the status quo of seller-set commissions.2.

An entity that operates hundreds or thousands of apartment units has far less concentration risk than an owner of a few rental homes, whose tenants may all be impacted by COVID-19.Do you think Portland’s ten-year trend of positive economic growth for landlords will continue, or will it flatten out, possibly even declining in the wake of COVID-19?

You'll be able to maintain most of your capital and you'll learn a lot of useful skills.