Since it’s been a little while, I’m curious how things played out for you.Just wanted to mention, for a cash-out refinance using a DSCR loan, the max leverage is typically around 75% LTV.

Of course, this is just my opinion but I bet I'm not alone..If I'm an investor, I think the returns you're able to achieve in Costa Rica are higher than normal because you focus on these large properties and, as @Martin D. mentioned, prices in that country are too high and returns too low.

The reason for crash is what I have mentioned above.

As Stuart mentioned: Computer statistics can be useful but are not the end all be all for determining the value and class of an area.

You say nobody has complained, but you also don't have anyone else applying to rent, so maybe they just didn't mention it?

As you mention, its rare to have a project get completed on time and on budget.

California is not a great place to have residential real estate for the reasons you mentioned.2a)  Don't get freaked out about all the other things that *might* go wrong. 

@Joseph Braun I’m originally from Baltimore and yes to everything @Nicholas L. mentioned.

I saw a prior post where you mentioned having a STR in Texas.you want to have a conversation with your accountant to see if it can be treated as an active property instead of passive.If it can be, then there is a potential opportunity to offset the losses against other forms of income such as wages, interest and dividends.

if you do a search on the recent forum posts you will find Ohio mentioned a lot as attractive places to invest, make sure you do due diligence and also have boots on the ground and connect with realtors and investors in that area.Hope this helps and I wish you the best!!