@Janet Taylor - You could market it to another short term rental investor, fully furnished ready to go and they might pay a premium for that.

@Sean Conroy, this really depends on two things: first, the land zoned in a way that you can subdivide and build more units (question for building/zoning department) and second, financial returns on doing this versus using the capital to buy.New construction certainly has its advantages on the operating side, and can often get a premium to remodeled, older units.  

The premium will go from $4k to nearly $12k. 

There are also auctions and "special sale" properties that have a "Buyer's Premium Fee." 

I sold out of Mammoth because I had already captured a lot of appreciation (equity) and I saw the writing on the wall with the fires an insurance premium increases.

Lots of homes around that area, but you're going to pay a premium.

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.

One other thought is fully furnished mid term rentals.. these have worked very good for us in Vegas we get a double or better rent premium on ours.. much less work than STR and you dont have to worry about ordinances or HOA restricting them..

She had just bought the corner house near me and did a Fix Up to Sell in three months and Sold at a Premium.

If you had to pick one state with the highest change of exploding insurance premiums over what they are now, other than maybe CA, it's Florida.