Chances are you may show a negative cash flow which is throwing you off.

We service everything ourselves (because we're cheap right now--please don't judge us too harshly).

Common syndicator game of throwing out huge returns when other funds are going under because they want you to only look at that shiny number and not what their past performance has been

@Tom Rowethat makes me want to throw up.

I’m trying to keep things moving, but this $20K requirement is throwing a wrench in my plans.

We do them, but they aren't cheap and your LTV will be lower that a HELOC on a primary residence.

Sounds like you are throwing money away.   

I was estimating the ARV at 160-165k which I don’t know what it will be for sure but I’m a little worried it might be less which throws a wrench in things as well. 

If you don't need the cashflow then you could throw it at the loan balance.

I dont have any experience in this market but have looked into it a little bit, I know that you can get the houses pretty cheap there but my concern was with the long term appreciation - I dont believe it is a highly desirable place to live and so there wont be much appreciation -however that is just my opinion and I really didnt look into it much,  I think it would be a cool place to live as I go to Monterrey all the time, but its hard to say.