Ia Orana Sioux Chief,
I just noticed your post. Yes, it is possible to purchase land or a home here in French Polynesia. I did. I am an American living and retired in the district of Papeari on Tahiti. If you rent your home (called a gîte or pension), it is a business and you will be required to register and pay taxes. You may want to look up a number of existing gîte or pension properties on Tahiti to see how much they rent for and if that amount would be consistent with your goals. There are quite a few Tahitians that have gîte or pension properties for rent here. I hope this helps.
Nana,
Steve (Manarii Tane)