Get rid of this tenant and stop the bleeding.P.S. the money you are losing each year is more than you would pay for a professional property manager.

These properties are owned by a few different investors I work with and know personally, the average monthly rent per property is about $1,300.

So, from time to time we get contacted by someone, that’s probably bought one or two properties in their entire life. 

In my opinion, the short answer is to use your cash and refinance it into a 'standard' loan if you are going to rent it or sell it when you are done. 

For BRRRR investors, seasoning requirements can significantly impact your ability to quickly recycle your capital.While most lenders require you to hold the loan for at least 6 months (aka "seasoning"),Fabulous 5BUY - short-term bridge financing to help you with investment property acquisition.REHAB - With up to 100% rehab financing, you can stay liquid through renovations.RENT - Tenant in place or future tenant.

Based on your question I would also advise you to seriously consider using a property manager.

@Nam Pham  Assume likely an older property on a pier and beam foundation, as compared to a slab foundation?

While the cash allocation is somewhat high, it serves as a reserve for our rental properties and future real estate investments, held in a high-yield savings account.

I, like you, have a handful of my own STR properties that I self manage, and manage just shy of 20 STR properties located in Bryan / College Station, Tx for out of state/country investors. 

Been hearing a lot of investors had their properties royally screwed up from Milton.