@Ned Carey you was correct, I drove by there today and there is a company rehabbing it and they told me they owned the house and they bought it for taxes.

When these two cycles are running contra to each other it can be possible to exit real estate at a high and enter Oil working or royalty interests  on the upswing and ride that till the next real estate correction.  

Am I following this line of thinking correctly?

As I understand it, Short Stay Rentals in Hawaii take two forms.1) Legal Short Stay RentalsLegal Short Stay Rentals are only permitted in the Resort Zone area of Waikiki as shown in this map.  2) Illegal Short Stay Rentals.Short stay rentals are not permitted in any other part of Hawaii, so although you can find plenty of short stay rentals outside of the Resort Zone area of Waikiki, they are breaking the law, it's just that the police don't bother taking action.Is my understanding correct?

Hopefully I have the correct category here... so I need help (please) figuring out my cap rate of these two properties (both sides of a double)1st one purchased dec 2015 for $23,100(cash), rehab costs $17,000 (cash).

Evaluate your expense correctly, those are your coffers of risk, do not count on that money for cashflow.

You can wholesale a house in pre-forc but there's a correct way to do it.

I want to make sure I understand these strategies correctly.

Knowing the correct term is exactly what I needed.

@George Aston If I recall correctly, Mountain America Credit Union also has a good deal for heloc on your primary residence.