Stats can be foundhttps://www.ramaui.com/housing-statisticsOr for all islands herehttps://www.hawaiirealtors.com/resources/housing-trends-2/Your realtor can produce more specific stats on your area of interest.

It may not get the number of wind/hail storms like TX does, but when the storms do hit in MN, they're usually very large systems, and produce awful hail damage. 

It should be producing far better return than the passive s&p to justify the effort.Good luck

Find the best property you can afford that also can produce enough income so that your monthly out of pocket expense is equal to or less than what you'd pay in rent.

With an extra vacancy or a maintenance issue or an extra turnover, this is definitely a negative cash flow producing investment.So when you say the rent growth and value growth have exceeded your expectations, I would love to have you respond as to how that is possibly the case. 

You need to understand how to drive the Net Operating Income to produce a good solid return. 

When you go to sell the property, if you produce a certificate of inspection for the wrong number of units, buyer unless you are giving them a great deal and they will throw caution into the wind, would insist on the correct designations.

I put the cash from the refi back into more mutlifamily units that produce more rental income. 

They are highly motivated to produce profit, and our interests are fully aligned.

Quote from @Greg Scott: LOL  Very creative.It could produce a windfall, or perhaps, massive IRS penalties.