Could you do a cash out refinance of that property and rent it as well, or are you planning on selling? 

We are planning on purchasing an STR (probably condo) in the Treasure Island area of St Pete.  

You need to work with a property manager that has experience with this, unless you plan on doing it yourself.

Those policies that weren’t forced on the plan of last resort, the state run California ‘Fair’ Plan are significantly underinsured.

I know you mentioned taking time to relax, do you plan to further scale or do something different outside real estate?

Overall I think nationwide it’s getting very tough to get into the STR space and make money and the fact that a municipality can tank your business at any time calls for a strong back up plan from the start!

very high risk even I only do them with very specific investors in mind and a plan. we dont flip land we develop every one. 

For the community development dept, you'll need proper plans (architect), site survey, permits, etc. when you're ready. 

That will involve settling on your plan for renovating.

I've already been hearing about all the communities and mini cities that they are planning on opening around it as well.