As I understand it, Short Stay Rentals in Hawaii take two forms.1) Legal Short Stay RentalsLegal Short Stay Rentals are only permitted in the Resort Zone area of Waikiki as shown in this map.  2) Illegal Short Stay Rentals.Short stay rentals are not permitted in any other part of Hawaii, so although you can find plenty of short stay rentals outside of the Resort Zone area of Waikiki, they are breaking the law, it's just that the police don't bother taking action.Is my understanding correct?

Hopefully I have the correct category here... so I need help (please) figuring out my cap rate of these two properties (both sides of a double)1st one purchased dec 2015 for $23,100(cash), rehab costs $17,000 (cash).

Evaluate your expense correctly, those are your coffers of risk, do not count on that money for cashflow.

You can wholesale a house in pre-forc but there's a correct way to do it.

I want to make sure I understand these strategies correctly.

Knowing the correct term is exactly what I needed.

@George Aston If I recall correctly, Mountain America Credit Union also has a good deal for heloc on your primary residence.

Talk to a CPA.Also, you are correct that there could be liabilities out there that would all of a sudden become yours.

You're correct about the subject-to. 

if i remember correctly, 1031 has to be done within 6 months time frame (e.g. sales and purchase can only be 6 months apart).