In this market, you're better off finding buyers for land before looking for land for buyers.

Which one is this one? 

This creates a negative initial position.

I've seen landlords live in blissful ignorance for 5-10 years due to dumb luck, then their world comes crashing down and they lose everything.I have a book, there are some in the BP bookstore, or you can check out one of my personal favorites, Every Landlord's Legal Guide by NOLO.

When I find a property I reach out the agent who is representing the seller(listing agent) so I can have as close to direct access to the seller as possible.

I think this is a mistake.

This is a very rough comparison, for Maui island only, but in 2012 median condo price was $356,158.

Quote from @Alvin Sylvain: This could be a good idea if executed properly.

If this is the case, not a bad idea for you as it will be a good learning experience.

The numbers look ok, the neighborhood is good. But there arent a lot of photos. I'm not sure.