You don’t need to make many changes other than filing your taxes differently and just budgeting differently due to the lack of one W2 income. 

They will however produce significant income for the lawyers who filed these suits.

You mention airbnb in your title.You want to work with a professional who understands whether a rental that is listed on airbnb is considered active or passive.if it is passive, there might be opportunities to generate paper-losses in the first year to offset your other income such as wages, interest, dividends, etc.

OROption 2: Go big and do a cash-out refi/203K/HELOC to not only repair the foundation and waterproofing, but to add an extension to the home that would support a legal duplex for some income producing property.

These include higher occupancy rates compared to short-term rentals, reduced operational hassles, and the potential for a stable income that can sometimes rival or exceed that of long-term leases.

Go out there, find your "diamond in the rough" and start creating your generational wealth! 

My job is to make repairs and get the place lease optioned so it is producing income to cover the interest payments I need to make to the lender.

Additionally, holdover tenant is now subletting out the rooms making income and advertising it on 168.com.

It should really be about the income but some people do secretly want to run up the score on # of doors.

Furthermore, you can deduct the interest payments against your rental income.