Quote from @Matthew C Dominy: Having lived in Tulum and Colombia, I will share my thoughts.

Thus they split out the Rental, and use a C-Corp blocker to eat up the Ordinary.2) The activity would generate self employment income. 

But just be aware that the property taxes are hard to control, and you would want to fight them every year (b/c the appraisal district will likely increase your property valuation every year).

A member or manager is NOT PERSONALLY LIABLE for a a debt, obligation or liability of the LLC solely by reason of being or acting as a member or manager. (2)The failure of a LLC to observe the usual formalities or requirements relating the exercise of its LLC powers or management of its business is NOT a ground for imposing perusal liability on the members or managers for liability of the LLC. [1993 c. 173 section35; 1999 c.86 section 10.]

I would suggest probates, liens, bankruptcies, and class B/C/D landlords with vacancies (see if you can find some migration data).

@Matt C.

Sponsors of 506(c) in my experience are higher quality than those doing 506(b). 

I self manage, have material participation status and file on a schedule C.

., c.  

Properties and streets look a lot better in pictures than in person especially with Class C.