My plan is to set up a syndication fund with Canadian (and U.S) investors to purchase short-term rental properties in the Puerto Vallarta and Rivera Nayarit area (which is booming).

Quote from @Andrew Slezak: During my due diligence should I call property management and HABD to see why the rent is set to where it’s at?

We change the order from time to time, etc but no new full set of pics UNLESS there is a design refresh, or renovation of some sort. 

You want an investment that pays for itself, including mortgage, taxes, insurance, maintenance, and even some money set aside for a reserve to cover vacancies and capital expenditures.

As for offering subject-to financing, this is something that can be advertised under 'seller financing' in our local MLS, and there's investors that search specifically for listings with that marked, so that should introduce your property to a new set of buyers that may not have considered it before.

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

It wouldn't hurt to set up time to meet with agents, property managers, lenders, and others while you’re visiting your markets of interst.

To estimate expenses, consider setting aside a percentage for management fees, plus costs for cleaning and utilities.

A follow up, can you link multiple locks together in the Schlage Home app so that if I want to use the same code for say 3 out of 5 locks in the unit, I can do that by setting one "group code" or would I have to enter the same code for all 3 locks independently in the app?  

The right agent will have worked with Canadians before, will have lenders set up that can work with Canadians and will have a seamless process for management.Not only can an agent set you up with a GC, property manager, lawyer, insurance broker, inspector and everything else you need, they can analyze deals and put numbers in front of you.Your job as an investor is to vet the vendors they are providing and double check their analysis.