Garnaco rehabs or upgrades properties, then rents them and offers the good tenants a pathway to home ownership.

Another thing to notice is who the experts say are making money in 2024, which are luxury and eco/experience type properties. 

I would imagine I can always upgrade if needed, right?

My family and I are planning to upgrade our living situation in a few years but we live in a HCOL (New York City) area so it’ll probably take that time to save up the down payment.

I believe this is partly because there are several large all-inclusive chain resorts in Playa featuring properties with 800+ rooms, whereas the hotels in Tulum’s hotel zone are boutique "eco-lodges" with a lower room density.

The other numbers seem to be good estimates (higher on the upgrades and lower on the rent).What do you think?

Ultimately I can be more conscious of these additional hard money costs, and allocate funds accordingly. 3) I completely agree here also.

You're loaning tenant $25K for the upgrades that they have no title to and tenants agree to pay you back at over X years. 

Are both in the same shape or does one need upgrades? 

Luxury and Eco are performing the best right now so consider leaning that way.