The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment. 

How much will this unit cost to renovate?  

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

The bank will make you leave 25% equity in the property - but you also still want the property to at least cash flow some - so be careful how much equity you pull out / new debt you take on.I would do a cost benefit analysis of what your actual gain is in cash-flow on buying a new property with a (currently) higher interest rate (if financing), versus just holding on to the current appreciated property and enjoying that cash flow.All the best!

Additionally, the cost to create a business here is not as inexpensive as the United States, in some cases it can cost thousands of dollars to setup. 

Cost approach A straightforward method that adds the cost of the land to the cost of building construction.

STAY away from them at all cost.

Maybe you can find other hosts to split the cost.

Borrowing $200K at 4-5% will cost you $8000 - $10,000 of interest each year. 

He owns an asset that is worth (low-end) $300k that generates 2300/month (after all costs).