Leandra Wai Act This bill provides for the conveyance and return by the Department of Defense (DOD), to the state of Hawaii, without consideration, all interest of the United States in the parcel of property known as the Makua Military Reservation located in Oahu, Hawaii. DOD shall, in collaboration with the state, conduct a study to map out land hazards, including unexploded ordnance and other contaminants; determine an appropriate schedule, consistent with community standards, for the removal of such land hazards; and provide a cost estimate for the land remediation and restoration activities required to make the reservation suitable for agriculture, residential use, and human habitation. There is established a Makua Military Reservation Conveyance, Remediation, and Environmental Restoration Trust Fund to (1) make the reservation suitable for agriculture, residential use, and human habitation, including any remedial actions under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980; and (2) carry out this bill. The U.S. Army Corps of Engineers shall enter into a memorandum of understanding with the state that shall govern the study; the conveyance; the timing, planning, methodology, and implementation for the removal of unexploded ordnance; and the use of the sums appropriated to the fund.