@Samuel Coronado - the challenge is that there will likely be a very small number of renters looking for a house that size, as well as that can afford a rent amount that high who won't just buy otherwise. 

Locations that are a 0-1 hour car ride from san juan to a nice town/city with more affordable areas walking distance to the beach would be interesting as well. 

Not to say you cannot do well, but it’ll take some extra TLC. 

LOL.Here raises great point--here are some considerations1) Figuring out how to advertise on Zillow - mentor can help; take 20 to 30 well lit pics with no more than 1 thing on any surface!

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

KwanzaHi Kwanza, I can help answer this question as I've worked with investors and helped them buy LTRs, MTRs, and STRs (own quite a few myself as well).

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Based on rent of $1,695, I think you'll be lucky to get an appraised value of $160k with a CoC return well under 2%.

If the deal is in a good area, well taken care of, generates income, and will attract good tenants then i wouldnt worry about anything else.

(Could be more than just two) So just be aware, you can use the sec 8 income to help with qualifying for a DSCR loan but you could very well end up with a higher rate.