But sounds like your insurance agent is due for a call. 

I am currently under contract on some commercial land near Houston with plans to develop flex space and have a call set with Hamza's team for 2 days from now.

I work for a brokerage company called Aurumy's where we get a ton of off and on market properties that need flipped or make good rentals.I'm also a licensed agent so I would love to connect with more agents in the area!

https://www.biggerpockets.com/blog/short-term-rental-loans-a...Also - PS on the advice regarding getting a vacation home loan - if this is referrring to the conventional 2nd Home / Vacation Home Loan (10% Down Loan) - I'd be very careful here, these are not supposed to be for STR investment properties (you are required to rent it out no more than half the year, not utilize prop management, ec.) - which doesn't sound like your plans for this investment

This is a great forum with very knowledgeable members that will help to guide you in the right direction.There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

You can call it what ever you want.  

This must be California and that being said I would tell you "No" (Don't do it) look at other states for that kind of purchase price.

Luckily the owner is understanding of the market and has no debt on the unit. 

I'm happy to jump on a call and point you in the right direction.

No real specifics provided but if you share the address I can take a look and give me $0.02