But, presumably people will be around this so you really should have this properly designed.Just another way to look at this... 

You have one of those dream situations of using other people's money. 

This involves finding a reliable contractor, a property manager and a real estate agent who specializes in investment properties in the area.

Homes that are "modular" are partly constructed in a factory and then assembled on the building site, otherwise they are just like any stick-built home with the same code requirements.A lot of people have made millions with manufactured homes.

Purchase price: $194,500 Cash invested: $51,000 When we talk about long term rentals the goal is to buy something that people are going to live in 3-5 years with the ability to raise rent over time ahead of insurance, taxes and inflation.

I think you need to contact an attorney on the island who specializes in inheritance / herencia laws. 

I have 2 people that are willing to do this deal.

"Saturated" is a bit of a throwaway term IMO - I manage STR's on Oahu and while Hawaii is about as "saturated" as it gets with STR's, people are making great returns on the right investments.

I say this because some people try to get in as a get rich quick scheme and it is not. 

I know there are many people on BP that invest out of state, but the challenges for doing so are not small.