Having lived on Oahu for the past year, we are excited for this venture.Knowing that there are many complexities in the law, we were wondering if anyone had any experience/knowledge on how to do this legally.

The FHA loan is strictly used for owner occupied buyers.  

I'm buying with my sister-in-law and need to think of ways to protect ourselves or myself.

First off talk to an attorney for local laws but in general I think LLCs are usually well worth the expense. 

Are there any laws relating to how often a board can hold votes for the same special assessment which has already been voted down? 

I've searched the security deposit laws for Illinois and haven't found a clear answer.  

Every state is different in their foreclosure laws and procedures. 

Hey everyone, We have agreed to buy a property in Maryland from my mother-in-law, this will also be my first deal.

the agreement must spell everything out... all responsibilities, who does what, what you're both contributing to the venture etc. make sure its in compliance with current state laws. get it notarized. get a separate bank account & EIN from the one you may already have. good solid friendship or not, business is a different world. kudos,Mary 

Don't have one I can personally recommend yet but, there are a whole slew of them listed here: http://lawyers.findlaw.com/lawyer/firm/real-estate-law/las-vegas/nevada