If you're looking to make it easier on yourself, consider hiring a property manager.

You can do that much more efficiently via hiring a business coach or working with a mentor. 

I know its expensive but you will be well protected :)Or you save a lot of money and be better protected by doing this consistently and well:-carry appropriate types and amounts of insurance-sign contracts with indemnification provisions- obtain all necessary licenses and permits to operate your business-ensure all vendors/contractors are licensed and insured and list you as additional insured-sign well drafted and fair leases and be a responsive landlord -be an active owner or hire an active PM  who avoids or at worse timely eliminates premises liability exposure The strategies you often read about are sold by alarmist asset protection companies who fail to disclose how impractical they are.

How can I optimize my situation to be at least break even or, even is short term like air bnbs andvacasas reay good?

There's always a shortage of deals in the market, specially now.Good news is that once you gain some traction, you'll be able to buy better lists, a power dialer and even hire a VA to help you find qualified seller leads (I run a call center for Real Estate).

What I would do is hire a licensed contractor for this work. 

You're flipping the property to rental quality, creating a SOW, hiring contractors, or swinging hammers DIY to get it done. 

Additionally, the cost of hiring someone to manage and oversee the property is also more expensive in Cancun.

We have good success with STR and MTR, lots of Universities here, 2 Air Force Bases, Air War College, Space Force, 3 hospitals, Amazon distribution center, Meta data facility, Hyundai manufacturing, 2nd lowest taxes in the nation.

I think many can be easily overcome like finding an attorney and contractors in the area, but the most interesting challenge I can think of is how to hire someone to deliver late payment notices one day a month.