This allowed us to increase our savings and increase our spending. 

The primary reason is because the property is vacant and a number of independent contractors are in and out of the property thus increasing the chance of a claim or loss.

So you may just end up delaying ordinary deductions and increasing ordinary income with recapture under 1245.This also means you may get tax deductions at a rate lower for deductions when you have less income, and higher rates charged on recapture in the year of disposal.

Buy another investment property and increase your net worth.

If you don't have enough money, work on increasing income and house hack using a 3.5% FHA loan or 5 to 10% conventional loan. 

Adding a 5-10 unit will increase your expense exposure initially until you raise rents to cover costs. 

You want to get paid in your name only, as the Mortgagee or Loss Payee.With the huge range in costs, and dramatic price increases, borrowers are notorious for skimping on insurance.

@Jimmy Patel increase value of existing properties. 

If not it can help to try and find an opportunity to increase the value of the property as a rental.

That shows a lot of integrity to help me problem solve tenant issues, whether or not to value add to increase my rent, how much to increase the rent (in non-rent controlled SFH), etc instead of "why don't you just sell the house?"