Could anyone give me a sense of cost? 

If you are already wasting monthly income paying rent, it might make sense to put that towards a property you can live in and own.

IF you planned on staying for 2+ years it's common sense to make it a primary under those conditions.

It has good cash flow, but if I was to have to purchase today, at its value, it would not make sense. 

Makes sense, thanks guys..

I would really look at the numbers and see if it would be a good investment in terms of return.I've looked at many of these deals in Hawaii with friends and have shown them that many of these properties in Hawaii just don't cash flow enough to make sense.

Makes sense from a business standpoint. 

However, if you start adding a bunch of cost categories (other than travel) it makes less sense.

(I hope my question makes sense)

This only makes sense if 1) you wanted to go FHA and 2) the condo doesn't make sense as a rental.You could also refinance your condo if you have enough equity, and it makes sense financially to start the clock over.