Help on buying student apt in Puerto Rico (Financing, etc)

[Doel Gonzalez]

Hello BP!

My mom owns a student rental in Mayaguez, Puerto Rico, walking distance (5 minutes) to the university (UPRM). I lived in it while I was a student and my mom is now considering selling the apartment. I have a small (extra small) emotional attachment to the apartment, but a strong business attachment to it. I graduated 8 years ago and it has only been vacant 2 months, and the numbers have been favorable for my mom. The problem is, she can't refinance it and reduce her rate (hers is around 8%), so she's trying to sell it.

My gut tells me to snatch it from her and put a prop manager in place to manage it and keep receiving those checks. It's presently vacant and listed for rent, not for sale yet. My question his, how can I go about buying it? I have called several lenders in PR and they have told me they are not so welcoming to foreign investors. The mortgage is due on sale (I checked) so an assumption or owner financing is out of the question. Anyone with experience on getting loans in PR? I have yet to find a nationwide lender that includes PR. All other apts in the building are listed between 92 and 100k. My mom says she would do the lower end of that range for me, so as to not devalue the other apts in the building.

It's a 2Br, 1Ba, apt that market rents for $750. I would like to do the least out-of-pocket I can. I just dont think it's wise to sell it. 80% of people who go to this university is from out of town, and this university doesn't provide student housing unless you are an athlete, so the market will always be there as long as the university is there. It's one of the safest buildings on the street, and one of only 5 with off-street parking spots.

Help? 

Thanks!