I have 2 realtors that are keeping an eye out for "flip" properties for me.I however don't have a title company (there is a local one that I used when I purchased my commercial building for my business), I'm not set up as an LLC, inc, or anything else for that matter.I'm a prepaid legal member, I don't know if that counts as having a lawyer or not.So I'm really hoping that some of you might be willing to help me out with what the next step(s) is.Thank you so much for your time.

Other areas of Oahu do NOT have (legal) daily rentals at all.

what would be there legal rights in reference to the house?

The choice of entity that you use can make a huge difference in your exit strategy, but most people make the decision based on legal protection or income tax issues.

Heather, around here people do "duplex splits" where an existing duplex is legally split up and sold separately.

I like the idea of the renter haveing an incentive to care for the property but I just don't want to get into a legal battlefield if they break the contract.

This is a legal contract with all of the terms spelled out.

If you buy condos and other similar properties where there is centralize maintenance for common areas that can be a benefit.Apartment buildings with onsite property management is another way to go.You also might need to learn a new legal process.

Not sure how constitutional it would be to outlaw two perfectly legal business contracts, a lease and an option, just because both were between the same parties.But remember this is the same legislature who tried to put through the "dirty cheerleading" bill and did pass the legislation to put in effect the largest steroid testing operation in the world!

You need to know your local laws to understand what you legally need to do.