There are so many examples of little investors being smashed by unfair government regulation.

GSE stands for Government Sponsored Enterprise like a Fannie Mae or Freddie Mac)Hope that clarifies and welcome to BP!

Yeah, it would all be false but you could end up having to  explain the facts to multiple government officials and you don't want that ever. 

It's currently occupied by a government subsidized tenant until November so that was definitely built into the price, but we are thinking it will appraise around $200k. 

Contracts already say that tenants have to pay rent, but then the federal government stepped in and said they don't have to.

Is there a way to expedite archeological studies (or, do third parties burn the government for all they can and drag out the process?)?

Always check to make sure your property isn't governed by any CCRs that restrict use, and that aren't managed by active HOA's that are likely to change the rules after you buy.Of course, if you want to be sure, you could always call the County of Hawaii Planning Department directly. 

While you live at home and have w-2 income your gross w-2 salary is divided by all your debts (car, credit card, student loans) and cannot exceed 43% to get a conventional/government/low rate mortgage.

Do you think that this will cause another housing crisis by the government?

And even the most stringent of insurance and government oversight really only serves you in hindsight after  the damage is done.