First thoughts are finding a way for the tenants to use it for a fee, either rent the space monthly or create a space that can be rented on a per-use basis....or possibly rent to another non-tenant individual for office use of some kind. 

But if you are looking to buy and flip, you could see substantial returns.

Rising cap rates are mostly tied to higher interest rates—when borrowing gets more expensive, investors expect better returns, which pushes cap rates up.

Then when you're skilled up and confident you can take your remaining non-emergency, non-reserves cash and scale more aggressively. 

The most likely options are exchanging:Life insurance for life insuranceLife insurance for endowmentLife insurance for non-qualified annuityPersonally, I would first determine what type of exchange you want to do. 

We invest in mortgage notes (performing and non performing).

I assume in the winter months they would perform well, but in the spring/summer/fall (non ski months) how do they perform? 

It'll strictly be non-owner occupied?

Be of value and value will find you in return.

Because if you make good money and always have a source of funds for emergencies then you can use the money immediately if you have enough for a down payment on another property or put it in a high yield savings account or treasuries for a low risk return with good liquidity.