Inventory is so low and hard to find deals.  

This is so exciting, congrats on taking this step!

JD I used to have that line of thinking but parcels can and do get landlocked quite often thats why title insurance is so critical when buying land and insuring your access.. suits for prescriptive right a ways are expensive and time consuming..

The city is so spread out that you can do well in multiple locations.

Patrick Patel, this strategy is so unethical and it wouldn't surprise me if it were ultimately found to be illegal in some way.

The answer is every penny they can possibly recover from you including your rental properties which are not protected the same way a primary residence is. So

But overall the worst I can see it being is it needs electrical and plumbing and painting..It would be my first deal so it lets me put my foot in the door so I can then take a home equity loan out of it to get into my next deal with a higher chance to negotiate the price down.Also the population density of Puerto Rico is so high that it seems unlikely I won't be able to find a tenant rather quickly, especially when a majority of the island is under affordable housing..

My work is so time consuming I'll probably hit up a couple meetups in my area and really keep my radar up of there is indeed something or some niche here.

WEC has created work arounds - and because the facility is so spectacular - yet still affordable, they are booking all kinds of events throughout the year - concerts, dog shows, horse events in other disciplines, holiday open houses and markets, impressive calendar. 

Many are shocked when they go to sell and realize they have a much larger gain they have to pay tax on than they thought because their basis in the property is so low due to deprecation.