Generally waiting at least 3 months will allow you to use the new appraised value compared to the purchase price so if you've done renovations that will help with your LTV for either a refinance where you change loan programs or rates (a rate and term refinance) or a cash out refinance that will give you access to more potential cash for your next project.More info on DSCR loans: DSCR loans won't use your income to underwrite the loan.

I was able to see this with a future depreciation table and compare against the non CS expectations.I'm not sure about recapture, presumably yes this is not ideal and probably exacerbates the current recapture issue. 

I realized that the best way to compare and contrast these properties is to calculate the ROI of each.

With this set up, we were able to get a DSCR loan through Kiavi with only a few extra steps compared to an LLC.  

Quote from @Thomas Schmidt: You could hold off on paying until he gives a detailed breakdown of costs and compare it with local rates.

That's a low-return improvement, compared to say new bathrooms/kitchens.IMHO, if you expect to increase your net through rental and market appreciation, consider the length of time it will take to realize that goal—many years. 

Also, regarding the 15% you pay to Airbnb replaces the commission your guests used to have to pay to Airbnb so you should be able to charge it through your guests through your pricing.And, yes, operating short-term rentals in Mexico, while cheap compared to developed countries, is somewhat more expensive than in Colombia, Ecuador and the Dominican Republic because Mexico is more developed.

I compared a 2.5% and 5% property appreciation rate at 5-, 10-, 15- and 20-year intervals.

Unfortunately, when most investors think of the MLS, they assume it is only used for running comparable listings.

You just won't really have a ton of positive cash flow right off the bat if you are refinancing at 70-80% LTV at today's interest rates.Multi family you can get both but those are tougher on the equity side of things since they cost more to rehab compared to a single family home.