But off-market it's just about getting the correct info so it could work.

This is in Texas and I am not sure if this is 100% correct honestly.

If the numbers are correct, there's maybe $20K to $50K in profit when all is said and done...

You can't compete against the all-inclusives unless you offer complimentary food and booze or you're cheap, as you seem to be confirming.This being said:1) Properties in Mexico/Cancun trade in USD so you have no foreign exchange risk in Mexico while properties in Colombia are traded in COP, the Colombian peso, which has been tanking over the years, eliminating any hope for capital gains for American investors.2) You can get a mortgage in Mexico but you can't in Colombia so even with lower revenue, Cancun would likely still be more profitable, even if you don't take capital gains into account.3) The political risk is much higher in Colombia, especially at this present time.Is Cartagena a bad investment?

The last thing I want to do is mess everything up by not having our accounting done correctly. 

I wanted to confirm my understanding is correct. 

You are correct the proper word I am looking for is ownership.

Is that correct?

Don't fluff it and make sure you know someone with MLS access to make sure it's correct.

I have to expect we're in for a correction sooner or later given how long it's had a bull run (other than covid and the brief really shallow "recession" we had in 2022).But its returns will almost certainly be better than 6.5% over the long haul.