I've decided that finding "deals" in Arizona is unnecessary as there are other markets that one need not search high and low to find something that can produce a decent cash-on-cash return.

We can produce building material here.

I am in the begining stages of producing a conce0t drawing for the rental property.

If the search produces a sea of natural earth tone pics, the one that stands out has a splash of color.

Do you believe it will now be more cost effective to hold a license or do you believe the expenses will go up with what I assume will be a flight from the business by low producing real estate agents? 

China as a low cost producer is past- they have aged and standard of living out.  

Everyone and their grandma is a realtor, but very few are qualified to produce the results you hire them to do.

The 4-plex would produce around $1000/mo cash flow after financing, and that financing would recover your total build cost leaving you with no money in the deal at the end and an "infinite return" for CoC.

I would rather invest in safe markets that produce a good return, then I can use that income to pay for a vacation anywhere in the world.I'm very pessimistic about the STR market in Hawaii.

If you've not read Debt Cleanse, you should.