That said, with the current estimated amount of equity, in a matured RE climate, why RISK it... even if you can borrow up to 75% on a new place in AZ with a LO buyer under contract in OR, in a fairer priced RE market?

So I’m looking for some direction from those that currently or formerly have OWNED one or MANAGED one please.What am I looking for, how many pads are better (more vs less), what to stay away from, cold climate vs warm climate, rural vs city sites, can it be run without an onsite manager – (probably depending on the number of pads)?

Hey @Jason RostarYou summed up the current climate for Hawaii real estate investing pretty well.  

Just a heads up to check both your Homeowner's policy and Rental Insurance policy to see if you are covered for riot, terrorism, and civil disorder problems.

My hope is that there is some upside due to the climate here (vs. adding a garage on a property, say, in the southwest). 

Not enough single family homes to meet the demand (3.5 months of inventory on MLS).Climate vs Maine will be vastly different (hot and humid) but culture will be very similar.

The climate to do so has changed substaintially and the capital needed far more than in 1999. 

A couple things though...1) Houston is updating their floodmaps right now, with the revised rainfall risk (Atlas 14 that @Eliott Elias mentioned) it is expected to increase the number of homes in the FEMA mapped floodplain. 2) The 500-year is misleading, it means that in any given year there's a 0.2% chance that it will flood, but this is all based off of past data, it does not consider climate change.

If you are in a dry climate like Texas, mini splits. 

City populations expand and contract/collapse, and there are reasons for it -- government incentives for business, major transportation hubs, natural resources, climate, etc.