1) I am not purchasing property right now unless it is a FANTASTIC deal.2) Squeezing more income out of properties with 1-3 month furnished rentals that capitalize on this part of the cycle.3) Doing cash-out refi's to build the warchest for the next time real estate softens - whether that be a quick and low slowdown, protracted modest slowdown, or a more significant downturn.

It was a student rental but furnished with area rugs. 

The seller did not furnish a contract which was already expired.

You keep it furnished.

I run a furnished rental by the room that has five bedrooms which are rented at $60/night for an average of 4month stays.

While the idea was intriguing, more than a year went by without any resemblance of a lead to how we could both achieve this together.

And in some cases even furnishing the home with day beds and bunk beds and small minimal apartment furnishings with less square footage in the common areas... to discourage any type of large parties and get-togethers.

I would call that middle class at least, and that's assuming 0% interest on that initial $3.5M.So, you're ***-u-me-ing perfect health, no injuries / accidents, no natural catastrophes (hurricanes / cyclones, wild fires, volcanic eruptions, ... at least two of which are common in HI), vehicles which last forever and never need to be replaced, destruction-proof housing and furnishings, ...... and if you CAN live that lifestyle in HI on $100K / yr (most people can't in ANY state), why are you not teaching personal finance at the university level? 

I purchased the property with all new tile & carpet flooring, paint, windows, doors, kitchen appliances, granite counter tops in kitchen & bathroom, and fully furnished (some furnishing is outdated).

Your insurance number looks low if you're wanting to insure your furnishings as well.4.