The only information I had to go on was with the last Lender informed me so maybe it was specific to the company they were with.

Backstory - we have an apartment complex that had a $339k loss on paper last year (I'm a 40% partner).

My husband and I purchased our first Costa Rica property last year and were advised by our agent that in almost 6 years of working in that market he had only ever seen 1 American Couple successfully obtain a mortgage in Costa Rica and it was from Scotia Bank. 

Their millennial population has seen a 25% increase over the last 5 years and the baby boomer population has grown by 13%.

 I did an investment research trip to Guanacaste, Costa Rica in March of last year.

It's a fantastic strategy as long as you still have your HELOC, buy during the last downturn, one of the first things that banks did was to shut down HELOCs.

Im waiting to hear back to go look at the last unit.

@Christopher MorrisTo add to what @James Hamling said, it also depends how much you need every last $ of income, how much more money you can make doing something else (W-2), or how much you value your time. 

We have been working with Devon Kennard and helping him expand his portfolio over the last several years.

Consider the "2 of the last 5 year rule" to avoid capital gains.