Consistently, everything is "ON SALE" and while anyone and everyone with any common sense knows the "regular" price is just marked up to, mark down on a sale, it's still like moths to a flame. 

First issue is an investor always has a choice for liability protection: Insurance vs LLC setupIf you have enough insurance, you can cover any lawsuit!

If you don't have a real estate attorney in mind, reach out to the title company and they commonly have real estate attorneys on staff.

There should be a way to find out what the cost is of common materials.EDIT - I was interested in what is available on the island, here are some linkshttps://www.msivi.com/ - MSI Building Supplyhttps://www.lumberyardstjohn.com/ - St JohnWell whaddya know - https://www.homedepot.com/l/St-Thomas/VI/Saint-Thomas/00802/... 

Are mice common in this area?

One of the most common questions that we get asked is, “If I were to invest $50,000 with you today, what kinds of returns should I expect?”

We run into a lot of issues with STR's being non-warrantable condos, but we work with several local lenders that can get passed that.

And read this post for a perspective on the issue: https://www.biggerpockets.com/forums/51/topics/1136752-expla...

A lot of the housing stock in that area is quite old, and you already reviewed the data about the sub-market's issues.

Pass through entities are similar, but are more commonly known as S-Corps or Partnerships where the income "passes through" to your individual return in the form of a K-1.