Total newbie - Vacation rental in Mexico. Thoughts?

[Trent Warner]

BLUF: Mother-in-law has spent many years vacationing in Mexico regularly, wants to buy a beach front condo in Puerto Penasco as a VRBO. Wants to know if wife and I would like to "go in" on it with her.

Hello all! Thank you so much for he opportunities you all provide with this huge collaboration of expertise, and in particular thank you to Brandon Turner for the awesome books that gave me the avenue to this!

I am determined to have a cautious, well-calculated approach to my rental investing. However, a somewhat hot opportunity sprang up recently, and I'm wondering if it's something I should go for. My mother-in-law has been in property management for ages, and has spent the past few years vacationing in Mexico pretty regularly. She now is pretty sure about wanting to buy a beach front condo there, probably in Rocky Point, and rent it out as a VRBO. She has come to my wife and I directly to see if we'd be interested in going in on it with her. 

Does this seem like an opportunity I shouldn't pass up? Or would i be rushing my own rental ambitions and generating too much risk with too little understanding?