I'm looking outside the area and even in cheaper markets I'm finding it tough to locate properties that cashflow by the time I run the numbers with property management. 

I need cheaper, good looking options!

@Adrian Gonzalez, The main way to make this a better deal is to get it for cheaper.

It's like a cash-for-keys deal and much cheaper than an eviction.

It's a lot cheaper and will help you learn more that just farming it all out to a CPA.

I would use a HELOC to buy something with cash that doesn't qualify for traditional financing because it is much cheaper than hard money.

In my humble opinion, I would take your large chunk of cash and invest it into much more properties in other cheaper areas of the country and find other lodging alternatives when you're on island.  

Since you know the costs you can see if the contractor is gouging you.You can also write into your materials contract that Contractor is allowed X% waste (5% to 8%) on indefinite quantity materials and X% mark-up (5% to 20% depending on complexity) for all materials.It is not uncommon for contractors to be able to purchase items cheaper than you can due their purchase volume.

Easier and cheaper than filing an eviction (probably faster too, depending where the property is located)

He had to end up selling it much cheaper to another farm so they could get it at a price to replant.