At one point I talked to my financially advisor and he said that it would be smart for me to open a HELOC on the property, but not draw from it, except in the case of emergencies.  

Quote from @Josh Lansberry: You will hear a lot of people bad-mouth him, but Dave Ramsey can teach you how to get financially savvy real quick.

Through proactive maintenance, efficient tenant placement, and careful financial management, I optimized rental income and ensured a steady cash flow.

When buying a laundromat, it’s crucial to evaluate the financials carefully.

As a would be individual landlord with just a one unit single family property I don’t know I can stomach the risk or withstand a financial assault resulting from an eviction process for a non-paying tenant (or tenants that do extensive damage).I am seriously considering bowing out and selling.

Prioritize your financial stability.

Wealth Building: Paying off the first STR focuses on cash flow and financial security, while buying another property focuses on scaling and wealth building.

@Caryn FischerI agree with Jaron, you should definitely have a consultation with your tax accountant and/or financial planner before you do anything. 

The FBI’s Financial Crimes Unit investigates these matters for filing of charges on Equity Skimming violations.

I understand this is a good way to become financially secure over time and am eager to start.