Just bear in mind that trips to Maui involve 'discretionary' funds...A few more things to think about during your due diligence. 1.

Your goal of buy and hold and flipping so soon seems very difficult, especially with a young child (our first is due in January).  

@Cheri Banet, the amount you owe has nothing to do with the taxes you will pay. 

The borrower's experience is important, but what's more important is the "Hard Asset," Hard money lenders rely on their due diligence process to determine the potential future value, review the renovation plans to get to that value & sometimes even the contractor.  

I assume you pay HOA dues.

You'll likely pay high premiums, face lots of claim denials due to "pre-existing conditions", and deal with service delays.

Your monthly payment would come out to roughly $2400/month including HOA, taxes, and insurance.

I've researched local markets and don't think Ill have any issues finding a renter at about a 10% return after taxes and insurance. 

I have read mixed reviews on investing in this market due to pro tenant system, high vacancy and very slow price appreciation.

@Isadore NelsonAre you responsible for any transfer taxes upon sale?