We have also completed some exciting improvements including retyring a boiler for heat/cool ductless mini-splits and 9 units being electrically updates.

We are already surrounded on three sides by urban zoned homes.My neighbors and I have been approached by two individuals, one is a neighbor who is a real estate agent, and the other one a friend of a neighbor, who works with a real estate attorney; both individuals asked us to join them in working with the 5-6 developers they have approached.

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. 

Ideally, I would love to buy a multi-family property and rent it out, I would consider house hacking but I mainly want to my first property to be one that I can improve on and have it generate income for me.

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!

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Also, the historical data tells me that 3 years of underperformance means that future performance must improve substantially in order to meet the IRR goal for the investment.

On the lending side, we see a lot of private individuals that try to lend out of their IRA just because the borrower is a "good guy".

If the goal is replacing income, cash will allow you to get a better deal on the buy, cash flow from day one, and you can still set capital aside for improvements/capex. 

That said, the 6.875% rate could be improved.