Oh look, you get to deduct your cell phone, your internet, your tax prep, all kinds of other things regular people don’t. 

Those willing to go beyond that could be good partners for real estate investors.Traditional banks/Local Banks and non-bank lenders - If they are a portfolio lender, meaning they actually hold on to the loan and don't just collect your payment, then they have the ability to be flexible.

What is the most important factors when considering passive (or even non-passive) real estate opportunities?

I’m not looking to be an active/public realtor, just need a place to hold my license.For context, I currently hold an active HI real estate license in good standing and have strong networks on both Molokai and Maui.

Storm sewer, storm pond, sewer lines, water access, fire hydrants, public bathrooms, surface coverage, sidewalk or bike paths, setbacks, power lines and right of ways known and unknown, road access, etc.              5.  

@Kyle Carter just because a building has all section 8 tenants doesn’t necessarily mean that the cap rate will be higher on exit but it might attract a buyer(s) that are focused cashflow and not appreciation; therefore a lower price to juice the yield.One of my non negotiables if I were you would be to only buy in an area that is desirable.  

Now, if you do not use a PMS and only have a few properties or only operate on Airbnb that’s a non-issue.

I would be amazed, shocked even, if a traditional financial institution was willing to lend on a non-habitable asset up to 80%. 

Catch is ... it is zoned at RM20-A, which for those of you keeping score at home, is apparently not eligible for a Non owner occupied STR. 

Hey Jerryll,Apologies as well, to clarify my post, the property is currently still with the owner (off-market) and I reference the information on the MLS since it is the information that's currently available to the public, so just providing a frame of reference to support the info in my post.