I am glad that you have finally been finding answers to some of the questions you have had, BP is well known for the community environment and the willingness of members to help each other out.

realize that in this market environment.

It will be tough finding a cash out refi lender for an investment property in the current lending environment.

Some of it the information was written in a different real estate cycle so not all of it applies today but that is with any book as it is written at a specific period in time.The lending environment has changed since then as well with loans that are available for funding. 

I'm wondering how does one exit that type of deal in a rising interest rate environment?

The living environment is not like a single family home or a duplex.

If you were to sell, could you purchase something around 340,000 (taking out all closing fees and take out a loan for 80k) , or paying cash for about 220,000 (closing fees - loans) , could you yield a higher cash flow than $700 in a low maintenance environment ?

I always figured this was a friendly environment for people to discuss deals. 

You'll also need to seriously dig hard to find off market deals and in an environment where there's like 8K REALTORs in Hawaii it'll be hard to convince someone to sell straight to you.Next time you come to Oahu let me know?

I would probably still lean more towards financing more with the low interest rate environment if you're comfortable that you can cover all of the expenses and hopefully have a bit left over.The easiest way to look at it is which would benefit you more in your current situation?