Everyone's 401K rules are a little different but the way it works for most is you can borrow up to $50K or half the total balance, which ever number is smaller. 

@Michelle Hardy recommend you compare projections for:1) Current rent-by-room2) LTR2) MTR4) STRRank them by revenue, expenses and how much time each will require from YOU.Find the balance that works for you!

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

There are some great neighborhoods here that balance cash flow and appreciation, like Fountain Square and Bates-Hendricks, and parts of Irvington.

The most profitable option is Airbnb, the most passive is long-term room rentals, and a hybrid approach can balance both.

It’s a good balance right now still competitive, but not out of control.Beyond the housing numbers, Oklahoma’s economy is thriving.

It's smart investing to have a balanced portfolio.Now that being said, is this property a good rental? 

You both clearly have experience dealing with this firsthand, and I want to see if there's a way to balance enforcement with profitability.

My other advice is to make sure this is the best decision when balancing your family and finances.

There are dozens of check boxes, some of them matter, and Balance Sheet and capital accounts are now required.