A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

My niche is the small amount of qualified Sending land that is also priced well below the value of the new credits that can be clipped off and resold for an arbitrage profit.

Well even if the rent is equal to the mortgage, you'll still be in the negative after repairs, CapEx, vacancy, etc.Why would you specifically be thinking of investing at a negative cash flow?

If they will "cut corners" by not getting licensed, how well will the quality of work be?

This has been our primary business for well-over thirty (30) years, but in California ONLY.Few posters here are attorneys, let alone licensed to practice law in Hawaii.

Now a "Foriegn National Mortgage" has similarities to those mortgage types but you will pay a higher interest rate and be required to have a higher downpayment as well (usually about 35% down). 

How well can you manage multiple roommates?

I will put a flyer with my card on there door as well.

Boxable seem to be doing very well, but is still not available in Las Vegas.

You might even want to setup a C-Corp (for tax and liability reasons as well) to manage the business with the guests and pay rent to your LLC.