Loan: Bank Statement, $4,300/month PITI.

Hawaiian real estate law differs from other western states significantly, mostly due to its monarchal heritage and the Bishop Trust influence.The basics are the same as would be in California; determine the condition of title ownership (individual(s), estate (including conservatorship, if appropriate) OR fiduciary acting for trust.Use a qualified private money equity lender to make a loan sufficient to buy out the cash-only beneficiaryThe legal community in HI and Big Island in particular is small.

@Paola Astrid, if so be the case, refi to a conventional investment loan. 

Yes, you could use your VA loan.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

But that extra $7200/year will go a long way in paying down your loan faster, build up another downpayment fund, pay off other debt, etc. 

Then you can immediately put a loan on. the free and clear property and pull that cash out to get close to what you need for the ADU. 

You can bypass the longer seasoning requirement with a debt service loan. 

Most lenders are going to be limited to 70% of ARV ($560,000 total loan amount) but that means they could fund 85% or a bit higher of purchase price + rehab ($560,000/$645,000 = 86.8%), which is solid.

Leverage your construction expertise to accurately estimate rehab costs and streamline renovations, and focus on financing strategies like hard money or private loans for your BRRRR deals.