The dilemma I am facing is the risk vs reward of tapping into the equity I have accumulated.

Dumping a bad deal, accepting the accumulated costs as the end of the line, and start making money again, is the correct play. 

When the accumulated cash flow equals your down payment (that means you got all of your cost back), and the total equity, paid for (down payment) and from appreciation, is double the original equity when you buy it. 

It had taken three years to accumulate that much money.

Perhaps this can be covered with the loan you get for rehabbing or perhaps you already have a significant amount of cash accumulated already.Not ot mention you will need to carry workers' comp insurance.  

While I'm hoping more bookings come as Spring approaches, and I can accumulate some good reviews, hope is a terrible investment strategy and I need to improve this listing soon so I can take advantage of peak rental season.Here is my airBNB ListingAny feedback would be appreciated.

After having purposefully and steadily accumulated a liquid net worth of $500,000 which I'm looking to invest in more tangible and safe assets.

And obviously that is an accumulative number.

I am glad I came across this place thanks to Account Closed posting good advice on a popular generic forum(not advertising it, but it was Q***a), and steering people away from some of the shysters that have accumulated over there. 

If you are seeking out asset accumulation and equity appreciation over the long term then there are certainly fortunes to be made.