I typically wouldn't look at new builds but it seems to be very reasonably priced.

How is this typically handled? 

Rates are typically higher than a traditional cash out refinance, however at least you are not getting the full loan amount + you have the flexibility to draw/tap in the money whenever needed.

So there will be a long lag between when you invest and when distributions start. 6-12 months typically. 

What are the average utility costs, and who typically pays them (tenant/owner)?

Typically we talk about cure notices for tenants, but they do go both ways for breach of contract.

Not always true, however typically HELOCs will go to a max loan to value ratio of 85, sometimes 90%.

The comps are not going to be typical for the area.

We have already finished speculative designs for a typical quarter hectare (2500m2) 12-17 unit boutique holiday and residential apartment complex on the south side of Tulum on the Kukulkan Road connecting the town to the beaches.

I typically recommend that community for people that plan to use it personally and can justify the higher HOA costs and membership fees.