Using a heloc as 1st mortgage really only has a major benefit if you have idol cash sitting around from your paychecks. 

Here you can get a little cashflow + appreciation + mortgage paydown while other areas are just the former two. 

Mortgage, HELOC costs and terms, etc.

My goal is to live in the home during the winters, maybe 3-4 additional weeks for vacation, then rent it out to help cover the mortgage the rest of the year.  

It is promoting Mortgage Fraud. 

My net rental income was $300 to $500 a month, not enough to cover the mortgage payment (PITI) so I'm negative on what was supposed to cash flow on paper.

I did the math and could cover the mortgage solo if needed.

There's obviously opportunity here to build this out and turn it into a basement apartment, which I think would cash flow because of course there's no mortgage. 

Hi Aubrey,International lenders don't exist for real estate in that no lender in one country will give you a mortgage loan in another country.A good service to estimate revenue in Costa Rica or everywhere in the world for that matter is Aidna.

Ouch@Brett Synicky the scenario was if I could find a house and pay for it using the IRA then that would become the mortgage.