Like most things in real estate, a lot depends on the circumstances of the individuals involved and not just the numbers and figures.I hope this helps explain my thoughts, and I apologize for the lack of clarity when I defined "arbitrage".

Investors are always seeking reliable PM assistance.

Just another thought, they do have submeters that can monitor the individual spots and you could charge back the total cost to the tenant if they are assigned spots. 

Readers should seek professional advice.

SFD vs condo vs 2-4 unit, hold vs flip, turnkey vs rehab, passive vs active...it really comes down to each individual property/opportunity, what your goals with the property are, and if the numbers make sense or not.Best of luck!

Each unit is individually metered for power and water. 

This is one of the reasons I have felt my investments there are safe: there is so much money there from both domestic and international investors, individual and institutional, that Tulum won't just go away. 

NOTE:  there may be some tax on interest or principal on the payments--seek professional advice.Also, stress there will be no inspections or other contingencies--sell the 'peace of mind' side of the equation.You have known each other for 12 years and you established you are a great payer. 

So whether you sell to their trust or to them individually it still has to pass from you in order to do the 1031.But even more you don't want to be in ownership when they pass so you can get the step up in basis and inherit the property tax free.

Quote from @Marie Paul: Quote from @Adam Michael Andrews: Working is how society accesses our individual talents and abilities.