If you aren't actively participating (7 tests, you need to meet 1) in the syndicate, with REPS status or without, this would be very challenging, for the reason mentioned by other tax pros above.

Like I mentioned it is a flip and is currently sitting vacant on the market waiting to be sold.

Dave mentioned control in the TIC but alot of times that is an illusion.

Funny, they never mention property taxes when talking about housing affordability.

We started talking about the building, and the agent mentioned a condo whose owner they had spoken to about potentially selling but wasn’t ready to list with an agent yet.

As you mentioned, you can get overall higher profitability than in the US or Canada but, like in those market, long gone are the days when you could buy any property and make a killing as an STR.Too many people go to Mexico and buy any property because it looks good.

A lot of these PMs who post a lot (^Nate and Adam)...I just copied them and implemented the systems they mentioned.

I’ll prioritize continuing my search for distressed and discounted properties, avoiding those areas you mentioned! 

Name and shame (of course with the verification measures you mentioned).

I can't remember what podcast this was mentioned in but one thing to keep in mind is that everyone's math is going to be different based on what their long term goal is.