is there an insurance policy for that? 

@Blake KingFor a short term goal such as your savings goal, you want safety and liquidity over return.  

check YOUR insurance policy.

@Penny Clark I'm sure their lease had some atty write some UNENFORCEABLE policy requiring they have to use THEIR forms, but I don't see in ANY WAY how that can be held up.

Found a local Bank....Mansfield Community Bank, willing to give a Line of Credit at 70% LTV and charging Prime +2. 1% origination plus appraisals and Title policy.$500k LOC secured by 5 properties.I had originally contacted a broker that wanted to charge me $28k to originate the LOC....Mansfield did it for $11k

Most Dwelling Fire Policies max out at $500,000. 

You may want to look into an insurance policy for yourself since you will be the responsible/liable party here, because what happens if some airbnb renter trashes the place, doesn't pay properly, steals something, it stays vacant, etc...  

You can simply state that the previous owner did allow pets however your rental policy is that you DO NOT allow pets. 

Situations covered by our policy include, but are not limited to: Maintenance issues that affect your ability to hostDeath of a family memberSerious illnessProperty damageNatural disasterPolitical unrest"So with the property under construction, I will have pictures showing "property damage" and "maintenance issues that affect my ability to host".  

He did this in multiple cases, which began to scare the insurance companies out of writing policies for condos.