@Tim Marshall,When I hear dirt floor and working on cars, my biggest concern is the environmental issues you might run into in the future.

I know most people look at this as a $ issue/problem/situation but it's also a very serious environmental problem.

Right now there are some pretty key elements that could greatly increase the power of that legacy depending on how your family decide to dispose of that property.1.

They don't have mass tourism but they are emerging touristic spots (Brazil has an established domestic tourism market).There is another element that makes short-term rentals very attractive in Latin America in general.

Environmental reports, physical inspections, contract negotiations, loan negotiations, lease audit, etc.  

Additionally, when you only "update" part of the unit, you will NEVER get a quality tenant and top market rent, because it will be even more obvious (to quality prospects) that certain other elements are old and tired.

I paid a real estate lawyer provide one for me but it was over 14 pages long and included numerous sections for commercial, land, and environmental reporting.

I've seen people get their best deals with structural damage for example (though I still usually avoid those).But environmental/toxic stuff I'd probably try to stay away from.

Remove the emotional, human element.

The permit and environmental process can potentially be a nightmare.