In general, Leaseholds in Hawaii deal with condo's if you are looking for an investment or primary residence.

You can normally buy these for more than $100k less than traditional Fee Simple condo's in the same area.

Typically a poor resale investment unless you are in the retirement age and aren't worried about when the lease is up on the building and land. Leasehold's are often on the market much, much longer than Fee Simple properties. Sometimes years.

When I am browsing for investment property in Hawaii, if I see a beachfront condo going for something really low like $300-$350k, it's almost a guarantee it's a leasehold.