I suspect that you'll have better luck with a local bank or private money, though it likely will still be challenging. 

Single family homes are exempt from rent control when privately owned.  

Cash invested: $65,000 Sale price: $97,000This property was a very early lesson learned in private mortgage financings for me.

This would include doing mainly flips so i can get a solid return from that money or possibly even doing private money lending. 

They were a hard money / private mortgage lender out of Las Vegas doing about $30 million annually.

This is one way to manage costs risk.The ways to own the property besides FHA & conventional loans is with private loans, investor DSCR loans (non owner occupied); seller financing, lease options, partnering with others to take the property down..... 

Hawaiian real estate law differs from other western states significantly, mostly due to its monarchal heritage and the Bishop Trust influence.The basics are the same as would be in California; determine the condition of title ownership (individual(s), estate (including conservatorship, if appropriate) OR fiduciary acting for trust.Use a qualified private money equity lender to make a loan sufficient to buy out the cash-only beneficiaryThe legal community in HI and Big Island in particular is small.

Feel free to send me a private message if you need assistance finishing a project or want to start a new project in Cape Coral or Lehigh Acres

Private mortgage insurance i believe is not charged on va loans.  

My Question is if i have a private investor loan me $70K for 5-7 years (his terms) at 12-15% (not compounded).