@Aj Antony - That's awesome, nursing is a tough profession. 

I heard for the first year or two income is scarce and it takes time to get the flow of money and that’s where a lot of people give up.2) Finding new deals in this highly competitive market in California seems tough, especially for high prices, how to catch good prices like the old times when prices were cheaper and fewer investors were around?

Unless this property has a lot size below 1,500 sq. ft. and has significant deferred maintenance, I don't think you'll have a tough time finding comps to justify an appraised value of $700K.Also, the closing costs should be ~5% of the loan amount, not purchase price.

@Christopher SmithIf cash flow is your number 1 priority, that might be tough.

Can they prove how long it takes to rent a vacant property?

I recently started mailing yellow letters to home owners in my area.I feel like am getting a decent response rate, but getting a deal has been tough.

Hey Jaren,It will be tough to get hard money due to your age, and more importantly inexperience.

The problem is you don't know the condition when she moved in and have no way to prove what it was like 25 years ago because you didn't even own it.

I would venture to say that what you are describing is that speculators have been buying up lots in Kensington (speculators do such things because they are using money to purchase items that they think may do this or that), but investors are only the ones who purchase based on what the market is proving a willingness to do. 

But how you would bring value to this deal is pretty tough to Imagine.. not to mention any kind of land development in Hawaii is some of the toughest in the US to accomplish many times taking 5 to 10 years just to get through land use  etc..