I am interested in REI and primarily trying to understand different strategies related to buying my first investment home.

So keep that in mind if your exit strategy is buy and hold. 

This is a great strategy to sell a rental that we own for more than a year instead of flipping a new property.

House hacking a 2-4 unit property is a great way to get started in real estate investing and a useful strategy for building your portfolio.If you're looking to do larger apartment deals, check out Michael Blank's book "Financial Freedom with Real Estate Investing".

What other strategies do you use to estimate renovation cost of a specific area of the home i.e. bathroom,kitchen etc.?

Also, any general ideas about this strategy in general.

Curious on strategies people are using as the Naca mortgage interest rate is so amazing .

You gave us the rundown of how much you love it and what you want to do with it, but never told us how you think it could perform and how to manage risk in the event you need multiple strategies with it. 

My partner and I found that cashflow is the strategy that we are currently looking to acquire and Honolulu, HI has a very high occupancy rate.

The biggest  challenge is just figuring out what type of strategy you want to employ, and then taking action.