@Paul K. I will say I bought a condo in Hawaii in 2020, and many of my friends did the same. I will say of my 10 friends who bought condos maybe me and one other guy still own them. A lot of the HOAs make it hard to rent, aren't AIRBNB friendly, and are expensive. Additionally the Taxes Hawaii charges (Transient Income Tax, and General Excise Tax) really eat into your bottom line, and additionally Hawaii State law requires you to hire an on island property Manager when you ultimately PCS.
I will say, I got lucky as ultimately I just wanted a mortgage that came out less than my BAH as I had no idea what I was doing and that just seemed like a conservative thing to do. Afterwards I pivoted, left the apartment furnished and I find all my renters from the Oahu travel Nurse Facebook groups. I've been renting it out for 5 years at this point, but frankly after I pay taxes I end up losing about $50 a month but it has appreciated nicely and I anticipate I'll start breaking even with the next renter. In hindsight, I wish I had just bought a small house and house hacked it with some coworkers.