If you do a lease option in NC, make sure you understand the regulations associated with such a program. 

@Alvin Ikeda we use Hocker and Associates for most of our law/title stuff.

What if one day the home owners association decided to not allow short term renting or possibly the state of HI passes laws banning short term renting (it's very controversial over here) and over night I go from a great cash flow rental to a rental thats in the red and possibly underwater if the bubble did pop.

Given that the HOA fee for our half of the property is $750/mo, it is the largest monthly expense the condo association has.

So if you absolutely need to see a property in the evenings or weekends call the brokerage and ask for the newest broker/associate and that's the one that would be most likely to show you stuff on a Saturday.But if I was the broker I'd be a little interested in your experience level as well based on your question.

What is the best way to accomplish this while limiting the expenses associated with accessing the equity? 

There are also fees for MLS membership and maybe Realtor association fees (depending on area).Also why did you become licensed?

There are less risks associated with the rehab and refinance and requires very little cash.

Since her back door had pool access, the condo association put in a rod iron fence behind all the units facing the pool.  

(such folks are called syndicators... the highest breed of individuals who are pretty much very smart.. and know if deal makes sense or doesn't... these are the folks that are also connected with other people...... these are the folks who you want to also get in touch with and stay connected.... )  Note however.. that sometimes... relying on other folks to be the ones to give you money... just for you having your boots on the ground.... indeed can be very difficult journey... but believe me there are passionate folks out there who like to analyze deals, but do not have trustworthy individuals with boots on the ground... and looking for some sort of mutual relationship in their journey towards financial freedom..You see... it's all about the value that you provide... to others.. and reasoning as to why they should be associated with you...