Makani, there has been some good info shared by other Hawaii realtors.

Please reach out for his info. 

Her husband is also a GC who can help build additional units as needed if you get something that can fit an ADU.

In addition, due to them being eligible for conventional non-commercial financing they typically have lower cap rate than 5 units and more.  

Some places you can look up that info.

Given that you're not married, that adds some additional complexity.  

Sit down with you Realtor and pose this info and questions. 

Please DM me if you have any additional questions. 

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.