So for that reason this is where your sponsor due dillegence comes in play and what's has been their track record.Of course the normal warning that past performance is not indicative of future performance applies ;).In many of the platforms you will see repeat sponsors and some of it is just learning where I participated in a previous deal with the sponsor and trust them. 

If I were to BUILD, I would go with a 4-plex; max rents on minimal lot size and still have parking. 

Or are you in the later stages where you want to minimize your hassle factor and put large amounts of capitol to work with a minimal amount of effort?

RE is risky business, but with a Plan you can minimize risk.  

A higher cap rate indicates a higher net cash flow.  

Their reports will give you some indication on what a market is like.Next step I would do is simply visit homeaway,vrbo,airbnb and go through their regions and start compiling data you gather on each region.What Are People Charging?

Paying you back "from a refinance after we improve the value and refi out" can be a pipe dream, and indicates an existing mtg.

This is an indication that you should go take the "Salespersons" course to just get the minimal education which is about 75 hours and about 250.00, plus the manual or you can just buy the study manual on your own for "Salesperson".

Some quick searches seem to indicate that the market in Oahu is somewhat unique (rules limiting short term rentals, lots of leaseholds, etc.).  

The Security Deposit Law (for lease agreements of a year or more) caps how much the security deposit is (one month's rent) and within thirty days the deposit must be placed in an interest bearing account where the landlord provides the tenant a receipt indicating the name and location of the bank where it is being held.