I have 500K in cash to invest from the sale of an investment property

[Harrison Gomes]

To prevent paying capital gains taxes, we used a 1031. We are looking to purchase buy and hold properties in Honolulu, HI. 

Our goal is to have solid cash flow within one year and liquidate in 10-15 years. Like all RE investors, we want to maximize both cash flow and property appreciation.

I understand that there are multiple options available, but what are the main factors we should be considering?