But overall the worst I can see it being is it needs electrical and plumbing and painting..It would be my first deal so it lets me put my foot in the door so I can then take a home equity loan out of it to get into my next deal with a higher chance to negotiate the price down.Also the population density of Puerto Rico is so high that it seems unlikely I won't be able to find a tenant rather quickly, especially when a majority of the island is under affordable housing..

Furthermore, the property sits on a nearly 6,000-square-foot lot.

Ours has a 5 foot deck with roof built into the plan so that is easy peasy from your perspective and the presentation of the home lends to appraisal.

In Columbus, we take all of these issues you just mentioned and build a stacked triplex that has high density (42 dwelling units an acre), public utilities, higher rents per square foot, cost per unit under $115k basis for the investor (not $300k for a single family) and that is attached here.

However, being the lucky owner that I am, I was given the absolute honor of footing the bill/loss. 

Please advise, I want to start on the right foot. 

I'll go first: I don't have an exact count but my PM tells me it's 20+ in a 1,000 sq foot townhome.

For example, most new constructions are costing around $250 a square foot whereas turn key is costing approximately $300-$350 a square foot. 

I think the best strategy is to get your foot in the door with the least amount of risk on the first deal, which could be a turkey single-family or, depending on the area, a duplex.This way you can start building those relationships you need and figuring out the systems you will use at scale. 

I would speak with a good real estate attorney and make sure you are on solid footing.