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.

Spending most of the “live”webinar telling stories to try connect to people’s emotions and sale them an overpriced product that works for a tiny percentage of people.

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. 

Maybe some easy refreshing of the mortar but I would also plan on digging down for better waterproofing.Now, no way I would build a tiny little place on that lot.

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. 

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

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.

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

Only if things go very, very badly, and you are in the tiny fraction of loans that default do you... go back to where you are right now, having "purchased" (foreclosed) on a property for 65% to 70% of what you believe it's worth (otherwise, you wouldn't lend 65% to 70% LTV).