My initial plan I'd to have a property management company handle it since I am out of the country.

They pull 3 active and 3 sold comps in addition to completing an interior evaluation of the property with an initial breakdown of needed repairs to get the property in resalable condition.

The fines are not something to sneeze over, and with Oahu's housing "crisis" I think it will get worse before it gets better.Like I said initially -- be comfortable with the risk/reward tradeoff if you are considering this strategy.

I would greatly appreciate it.Thank you for initiating this post.

If all goes well your cost won't be more than double your initial estimate.

Somebody who does the second can succeed initially but over time can become a one trick pony ... what do they do when the market changes and their one trick no longer works? 

Chances are, you already apply social factors without realizing it, your mind isn't digging that deep when you look at a property, you make a snap decision on marketability, social acceptance, demographics in your initial analysis.

Initially it worked until he lost his job in June.

Maybe you should consider initially making that studio part of the practice space to make sure you are above 50%.

He might have more value than you initially saw, but probably doesn't know how to show that to you except by doing a good job.The others are definitely gone, rents need to make it to market even if it means turning over some of the tenants (prudently with a strict eye on vacancy control).