Once you had enough set aside for you next venture, you can use that money.Talk to your bank about what your options are-both in terms of could you borrow more money without paying down the current loan and what the interest rates would be.Everyone has different goals, so you need to decide what works best for you. 

@Joseph Lombard The HELOC is best described as personal short term financing.

I'm not in the short term rental business but if they are independent contractors then you don't owe them anything.

I am a property manager and short term rental investor in Savannah, GA.

A heloc is an open end mortgage or in simple terms its a high risk credit line similar to a credit card that sits in 2nd lien position adding another trade line to your credit and reducing DTI.Just like a credit card if you ever miss a payment on any debts on credit or if your scores drop unexpectedly they bank can close or reduce your line of credit.

Bought it because the location, price, and other qualities made it stand out as a great property to have a long-term rental when I leave the area.That day is coming soon.

Hi All, Looking for a little advice here in terms of next steps and strategy.

It is also more problematic to enforce the lease terms as to the tenant when the sub-tenant is the one in violation.

-chapter 7 would help me a lot in the short term.

The lease agreement clearly states that the "Security Deposit", and not "Damage Deposit", does not have to be returned to the tenant if all the terms of the agreement are not met.