@Brian Hill you should reach out to Lane Kawaoka, he's on here or his website is simplepassivecashflow.com.He is in HI as well, and has a good model for building passive income.

Build valuation models, how will you analyze properties, what are you looking for, do you know the key metrics and comps?

I don't have a financial model or anything like that, it's just taking the time to do the research, analyzing all the inputs and deciding if something is worth the risk.I absolutely HATE debt. 

We have such low inventory with virtually no builders building spec homes around here - if the numbers dovetail in with what the market will support, I'm hoping it's a strategy I can repeat, then move into actual spec homes once that model has proven itself.

I'm obviously intrigued with the even more passive income model once the park is strictly renting out pads and all homes are owner owned. 

Depends on your business model, are you in this for the long haul or would you like to see some cash rolling quickly? 

Any formulas or models I should use?

Most of the models that I have looked at are 17 inches tall. 

I have two deals right now that are too small for our business model. 

The model is brilliant in my opinion so the markets that need to be served are those where there is a lack of hotel rooms.