You can't compete against the all-inclusives unless you offer complimentary food and booze or you're cheap, as you seem to be confirming.This being said:1) Properties in Mexico/Cancun trade in USD so you have no foreign exchange risk in Mexico while properties in Colombia are traded in COP, the Colombian peso, which has been tanking over the years, eliminating any hope for capital gains for American investors.2) You can get a mortgage in Mexico but you can't in Colombia so even with lower revenue, Cancun would likely still be more profitable, even if you don't take capital gains into account.3) The political risk is much higher in Colombia, especially at this present time.Is Cartagena a bad investment?

Because you have to keep the same taxpayer as owner from the relinquished property to the replacement property I'd worry that the legal protection you'd want for a development TIC won't be there.DSTs have high fee but probably are the best path forward for someone who wants to be fully passive and avoid legal risk.

If the IRR is not greater than 20-25%, which applies to most of the above models over the long-term, are you better off investing in a syndication which is much more passive than buying and managing a portfolio of SFRs?

The right wholesaler that knows how to properly calculate a SOW (scope of work) to gain the rehab budget, generate an ARV from local comps and not want to get rich on every deal is NOT easy to find....but, they do exist.

Back to your question do you want passive income long term that gives you a little every month or do you want lots of money right now?

This first season is for you to gain hospitality and property management experience and reviews.

I am going to get hit with capital gains and state taxes(Idaho 5.8%)..closing on cabin on the 18th of Nov.

For instance, having a network of experienced investors can help you navigate challenges and identify profitable opportunities more quickly.Another consideration is the potential benefits of passive income.

Even if it does appreciate, the only way you realize those gains is if you sell.  

How much and what would I do with the gain on sale, and how does that help or hurt my strategy?