We have the means to rent our current hawaii home and purchase our next home in the mainland.

Earlier in my career I did it often, however (as others pointed out), with the intent to leverage once stabilized.

Yes for sure - you should definitely check out hard money loans to assist with the purchase and then "DSCR Loans" for the cash-out refinance (DSCR Loans are made particularly for investors like you - no DTI or W2 considered at all)Published an article last year on BP on this exact topic (BRRRR method financing options) hope it helps!

Hello, can you deduct travelwhen looking into foreign markets for possible purchase of a short-term rental?

HI Jesse, It's possible to purchase the land and finance the construction with a ground up loan. 

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Would need to use a home equity line of credit to purchase.

My hang up is how the land is purchased.

Purchase price: $46,000 Cash invested: $38,000 Sale price: $68,000 Live in fix and flip, admittedly the cash for deposit was a gift, leaving me time to live in It and fix things up.

I have a client who purchased a triplex in Albuquerque.