This seems very overpriced imo, however, if you want large tax losses to offset any other gains from other stuff then it could be a great deal if you think their could be appreciation.It's all about your internal and external goals and what you want to achieve, but on a purely numbers basis I would pass.

Id more or less like to own the properties and then hire out the property management either internally or externally 

We run credit and criminal checks on each of the tenants we place. 

No one can or should tell you what to do here because theres so many internal or external factors.

I am currently listing it with the IMLS as well as 6-7 individual websites focused on international/panama real estate.

And she has international clients.

Since it is kept internally. 

It's the INVESTOR that either cash flows or Not.I do want to address something that seems to be a problem with most investors (if not all) who do not use Future Value formulas like the Internal Rate of Return (IRR) in a spreadsheet.Many Investors don't really think of Cash Flow as anything but your Rents minus expenses.HOWEVER, the reality is that Cash Flow is really something VERY BASIC.

@Jamie Briscoe Cash on Cash Return, there is an Internal Rate of Return however I don't have a strong grasp of the ins and out on calculating it at the moment but there is an article about it here on BP that I found:https://www.biggerpockets.com/renewsblog/2010/09/02/introduction-to-internal-rate-of-return-irr/

Income / Criminal / Credit is explicitly stated.