Wasps and hornets are beneficial as long as they are not nesting in a location where they are in close proximity to human activity, in which case, they can pose a nuisance or a hazard to safety. I always recommend trying to live with them when possible. Of course, when small children or pets are involved, sometimes eliminating the colony is necessary. If the nest is off the ground, (e.g. up in a tree), and a large paper nest, then the spray type of wasp/hornet killer is the most effective way to kill the colony. If the nest is in the ground, you are most likely dealing with Yellowjacket wasps (Vespula spp.) Yellowjackets are best killed using a dust or powder formulation of an insecticide that is labelled for home use to eliminate wasp/hornet nests in the ground. The product label will provide instructions, rate, and essential safety information. Be sure to follow the label directions very carefully to ensure the safety of yourself and your family. 
The best procedure for eliminating Yellowjacket nests can be found in this MSU Extension Article: https://www.canr.msu.edu/resources/yellowjackets

Wasp and hornet colonies do not survive the winter in Michigan, so the will not use the same nest year-after-year. Instead, the colony produces a new generation of queens in the fall. These queens will overwinter in protected locations before seeking a new place to establish a colony the following spring. Yellowjacket wasps often use abandoned rodent burrows as a location for their colony. They do not dig their own holes to create a nest. To prevent them from re-colonizing your yard next year, try to locate  and fill in abandoned rodent burrows next spring/early summer. 

Thanks. 

Do you know where I can purchase this Ortho-Chlor Ant Killer Dust which contains 1% Dursban? 

I also just spoke with someone at Orkin pest control and they cited me $269 to take care of the issue. Trying to determine which option is most worthwhile --the professional service or attempting to purchase and apply ourselves. 

Thanks for insight

I should have offered the disclaimer that specific products and active ingredients mentioned in the article may no longer be available. However, if you look for a product that is in a dust formulation and lists wasps on the label, then it should be effective. You might have to read the fine print on the label; sometimes the products are marketed as "Ant Killer" for example, but can also be used for Yellowjacket nests in the ground. Common active ingredients that are available for this use in Michigan in 2022 are permethrin and deltamethrin.