My possible cons are I would only break even (long term I will get cash flow) and it could be possible I refinance if everyone's wishes come through and rates fall.I am leaning towards the refinance into 30 year fixed because of the volatility in rates.

Turkish banks are not lending due to the volatility of the Lira.I am after USD$ and I have steady income, live in Turkey as a citisen by investment and also a Natural Australian citisen.Can provide documents etc, have a good credit rating in Australia. have settled on 2 mortgages previously.

The owner may look at a leasee putting up a significant cash deposit as having a much more vested interest in the property as opposed to a property manager drawing a salary or fee, further, the owner may value a steady monthly income rather than the volatility of monthly net cash flow. 

Is this a totally volatile deal that we should avoid? 

You should factor the rate volatility into any project you are contemplating and make sure you are not going to be in a position of being unbale to refinance out of you bridge loan due to insufficient debt service coverage.

The most RISK you have investing in Indonesia is actually Currency depreciation because it's always volatile.

Now, I think cash flow is actually reasonably secure, but the idea that housing prices are super volatile but rent prices are a bedrock is silly.To really be a fly in the ointment here ... is negative or neutral cash flow the end of the world?

I would argue appreciation is more volatile.  

Yet, its tough to make a living and keep the lights on charging only 1% on loan amounts from 100-200K in a such a volatile market.What I've done with clients in the past ins establish mutually beneficial arrangements with deal flow for a discount in points.

Unlike volatile markets, the city's real estate values appreciate steadily, making it ideal for long-term investments.