However, from a strict investment standpoint, I couldn't pull the trigger on a Kihei condo.

Listen to the BP pod-casts, and of course read through the different forums to see what part of this biz trips your trigger.

So remember, for legal and tax planning, a good CPA will recommend that clients hold their properties in an LLC or Limited Partnership and run their businesses as S Corporations to avoid self-employment taxes.

Can't really base that on closings unless they are in some partnership arrangement, not sure if the OP is ready to go there yet. :)

You have the construction company and, presumably, the construction skills to make a flip happen.If downpayment/rehab money is the holdback, perhaps a partnership would help you get over that hump. 50% of something is better than 100% of nothing. 

I also found an area that I was comfortable enough (a BP member drove the area and gave me the low down) with and pulled the trigger on one. 

I'm new at this so bare with me.....I want to run numbers on numerous properties before pulling the trigger, as an exercise, so I am better prepared when I am ready.

My side of the partnership is finding the deals.  

It took quite a bit of looking and analyzing to pull the trigger. 

A partnership would be preferred.Alternately I would purchase the land from them outright and be out from under their hold on the property.