Talk to them and explain the problem, then start looking around for competent contractors.

Keep in mind that if there is equity to be had, you are probably competing with LOTS of other investors and wholesalers.

What matters is their competence in real estate taxation and their approach to business.  

Eventually, you will see a property pop up that is an outlier in your favor, and you will be the only person who knows that market so well as to be able to strike quickly.The 1% rule had a value at one point, maybe as a screening tool, but it could never compete with the specialist who has done the reps.This is spot on. 

As you alluded to you will also be competing with unsophisticated buyers.

Renovation Considerations: Before starting a renovation project, look at similar homes in your neighborhood to get a better understanding of the repairs needed to compete in your specific market.

It's tough for out-of-towners to compete and find a good deal, but if you're here and can drive the streets in your neighborhoods, do that!

The problem is now your fourplex is competing against all this new construction with pools, gyms, and amazing amenities that you can't compete with.

They will help you ensure you don’t accidentally leave money on the table by helping you study your competition and by raising or lowering your rates so you can compete better.

Short-term renters generally don't like to stay in Cancun because there's not much to do there and the beaches are mainly occupied by the resorts, against which it's hard to compete and there are much nicer areas in the Riviera Maya.Even though I've owned property in the Riviera Maya for many years and have landed in Cancun many times, I've never been to the city and I've never had the desire to go there.