Each step you take reveals a new horizon.

I always show them how it DOES exist, just not on their MLS and then I tell them to expand their horizons. 

I would expand your horizon to neighboring towns like New Britain, Manchester and Middletown.

starting your REI journey there in Honolulu would let you participate in the high-value market (which has more impressive numbers, especially in a 30 year horizon), but the downside would be that you'd participate in a more cyclic than linear market, which is more speculative in nature and subject to the whims and ways of many factors outside our control.

My guess is it's a 20 horizon for a fully recognized turnaround in the area similar to Oakhurst.

I am going to use the deal that was implied through your post so a partial purchase (which could be a full and re-sale at par) for specifically $55k and the investment horizon is 180 periods:The neon green line is the investors interest income per period and the neon blue line is the investor capital recovery per period.  

I already have a third potential property on the horizon.

It really all depends on your goals, time horizon, and the property. 

An article in Science Daily about a solution to bedbugs that looks to be coming in the next year. Interesting article.Putting Bedbugs to Bed Forever - Simon Fraser University

these are called syndications, and are usually for 5-7 year horizon projects, but can be for much longer as well.