It's really expensive and you have to add the balance all the time which is annoying.

He sent me a balance sheet showing $157M in net assets. 

If I HAD to pick one of your 3 options, I'd probably go with option 3 because it's likely the one that you can achieve the quickest... especially if you aren't concerned with cash flow. 

However, it does require solid expertise in digital marketing to achieve positive results.As for list pulling: you've got solid services like PropStream and Listsource to name a few

$230k Purchase Price$225k Balance$25k+- in renovation materials.

I had one were my PM calls me its in INDY cold winter they just had baby cant  afford the rent and heat just take no payment for 2 months then they will add the balance any pay it off.. well of course after 2 months they just left  LOL..

Of course, this is just my opinion but I bet I'm not alone..If I'm an investor, I think the returns you're able to achieve in Costa Rica are higher than normal because you focus on these large properties and, as @Martin D. mentioned, prices in that country are too high and returns too low.

So I have a balance of both.

If I let them leave with a balance I will never get paid. 

Nothing else on your list matters if this purchase doesn't achieve your investment goals.Also, you have NO WAY to determine your offer price until you run the numbers!