In effect, you will end up paying tax on your refi cash later on, when you sell the property.

Pays on time?

Make sure the contractor is paying the subs.

You pay a down payment, closing etc.

Keep in mind of the I/O(payments/period) and game plan on how fast you'd like to pay it down. 

@Jim Stanley Keep in mind any expenses of your SDIRA asset must be paid for by the account that owns that asset. 

my first question is define net profit...do you actually meant net profit, aka taking into account all expenses etc?

I would rather invest in safe markets that produce a good return, then I can use that income to pay for a vacation anywhere in the world.I'm very pessimistic about the STR market in Hawaii.

The tenant was paying rent to the previous owner but hasn't been paying rent for a while since the property was foreclosed and sold to the bank.

I use one of the most expensive snow removal companies in town for a 16-plex that has 240 linear feet of sidewalk and 10,000 square feet of parking lot.