Is the parking in the 70 feet that is the in the right of way? 

Are you busy all year round with the current business or is there a down time where you don't have occupancy and parking and could do it then?

It was built in 1973, is in fantastic shape but dated, has a 4 year old roof, is in a good part of town, 1,100 square feet upstairs as well as down and both apartments are 2 bed 1 bath.  

Backed out of one contract mainly due to cold feet.

Like everywhere else, investing is first and foremost about numbers.While you generally don't run the regulatory risk like you would in the US, Mexico City might be the exception and I would stay away.Tulum is being completely overbuilt so I'm not sure how you could be profitable long term there.Merida doesn't have all year-round mass tourism buy maybe focusing on a niche could work.Puerto Vallarta is great but it's become much pricier lately so you might need to find a deal if you want a decent return.Hope this helps!

If utilities are involved its HIGHLY unlikely it is a perfectly round number like $5k. 3.

One round of recordation taxes.

You'll have to travel to the area and start trying to round up some folks, and some capable backups if one of your regulars gets put in jail or strung out on meth.7. 

Get your feet wet before you jump into that.

@Nicholas McDonald I would recommend starting with something smaller to get your feet wet and start learning.