I don't track the STR market closely on Big Island, but I have had clients look on that island and think you should find something there that cash flows pretty well. 

In those instances you can purchase the new property in 'cash' position and do not have to get an additional mortgage. 

Partner would bring $500K cash and thus own 50%.1.

They were strongly considering one with the lowest down payment and the highest interest rate based on the "I can refinance this when rates go down theory". 

Asset class, price range, neighborhood type, cash flow/appreciation, whether you want a rental portfolio or get into rehabs...It's easier to start from the goals and work backwards.

The lack of income verification and the deposit payment issue are also red flags.

We built a home a while ago and are wanting to get it appraised for a cash-out refinance.

You often can’t count the rental income to offset the cash-out loan until you have been receiving rent for a period of time…often 1-2 years.  

we have 7 new builds breaking ground in July all are for clients that we build at a discount for and they resell which makes the economics even more favorable for them but for our side of things I haven't looked at private money just through all cash partnerships. that's in columbus ohio 

I would suggest looking into a cheaper market like Columbus Ohio where you can still find positive cash flow, the 1% rule, and tons of appreciation potential.