I think the new lodging will be great but the newest builds are very very expensive and I suspect will be purchased more for second homes than pure investments.

Is this a pure investment for rental? 

Pure spam...They overdid it now it just ticks you off in every possible way.

That doesn't necessarily translate in high real estate investment returns but you can make some money investing in real estate there (like it seems you do) and so it makes perfect sense that you do that since you live there.Those like me who don't live in Panama are likely purely looking at figures and comparing risk-adjusted returns with other countries where they can invest.

You're starting early so weighing more on appreciation than pure cash flow will likely pay more dividends on the exit.

Then you can really sell that experience too compared to a purely residential on. 

Additionally, I’m unclear on how their ARV analysis is conducted since most properties can be found on Redfin or Zillow — does it involve an in-person visit, or is it purely data-driven using comps and suggested repairs?

I see pure hustle, 100% dedication, and power of partnership playing out here.I can't wait to read more success stories from you.Keep winning man.

A lot of these aggressive tactics that the purely business people mention are the reason that some states and cities have created rules that now make it harder on Landlords to run their properties.

So even if these companies gave you pure bonified SEO leads,  they were expecting to deal with THEM, not you.People do not understand the psychology of a conversion.