I am able to obtain landlord insurance. 

This will potentially also impact any note buyers that plan to buy the notes.

As for selling with 10% down at 8% interest, you now have two title transfers that violate the due on sale clause and add complications to subject to “safeguards” that reduce risk if note is accelerated, if party in possession doesn’t pay taxes or insurance, and of triggering whatever system the lender has set up to notify them when a deed transfer takes place. 

In our previous example of $4k net monthly income the disbursement would be as follows: $4,000 Net income$1388 principal loan repayment to majority partner $1305 (50% of $2612) to majority partner$652 (25% of $1305) to each minority partnerAs your parents, they might not require or care about the same rate of return, or a return at all (except the equity position) especially if they're planning on utilizing the property for personal time.

However, the Honolulu Department of Planning and Permitting took forever, to do the reviews,  comments and approval. 

I plan on buying another investment Airbnb property in Florida soon. 

Don't forget liability insurance too.The $395.00 "broker compliance fee" *might* be something he just tacked on - or it might be included in an agreement that you've already signed. 

I see you mentioned student housing, if you are planning on investing around a college or university definitely check if said university has any information! 

Weigh the cost of your current payment plus a heloc payment versus a long term fixed rate on a DSCR loan or whatever route you plan to go.

What's your plan?