Additionally, there’s condo by laws I’ll have to abide by.

@Patrick Barker - I'm not at all familiar with the bank rules/laws governing this so take this all as my opinion! 

Having lived on Oahu for the past year, we are excited for this venture.Knowing that there are many complexities in the law, we were wondering if anyone had any experience/knowledge on how to do this legally.

I'm buying with my sister-in-law and need to think of ways to protect ourselves or myself.

First off talk to an attorney for local laws but in general I think LLCs are usually well worth the expense. 

Are there any laws relating to how often a board can hold votes for the same special assessment which has already been voted down? 

I've searched the security deposit laws for Illinois and haven't found a clear answer.  

I would also try to network with local real estate agents and single family property management firms to get a good grasp on the local investor community.

My investor and I originally came up with the idea that we would be splitting everything 50/50 but since I have no cash in the game I threw a few ideas at him including different splits or paying me a small flat fee, but before I sent him a firm proposal I wanted to run it by you all...As all the guru's and BP podcasts talk about, I need to know my "why".

Every state is different in their foreclosure laws and procedures.