I’m hoping to find more success in Phoenix, but as you stated, the old fashioned way may be my best bet.

The last thing you want is to have a home run deal that theoretically should be a high-profit flip but is ruined because your contractor screws you over in some form or fashion (late deadlines, inaccurate scope of work, etc.). 

I'm an investor-friendly realtor in Western Michigan.

I’m over here on Big Island, up in the Kohala coast, and it offers some resort areas too on the sunny western side similar to Ko Olina on Oahu.So things to consider are:- Which Island- Your budget- Will you be financing or paying cash?  

Think there is some substantial validity in this, but do you think it could potentially be utilized in a different fashion?

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I'm really old fashioned and have been using spreadsheets for years.

I'm also in Raleigh and have STRs in Western NC, but ours are closer to Asheville area. 

Numbers always look good on paper but between holding costs when acquiring and renovating property, closing costs on can also add up.I am not saying it cannot be done, as I did it with about 75 loans in a very similar fashion (except I was buying NPL's and got them reperforming).

If the borrower themselves need weeks / months to get plans and permits for construction, and does not provide all docs in a timely fashion, we can only go as fast as the borrower provides what we need. 2.